At noon (AEST), the currency was trading at US74.85 cents, down from US75.11 cents yesterday.

CMC Markets chief analyst Ric Spooner the currency held its ground overnight in the face of sharp falls in iron ore and oil prices.

“Some would say possibility quite a strong performance in the light of the significant declines in commodities prices yesterday and overnight,” he said.

US oil prices have sunk nearly eight per cent on worries about slowing global growth after Greek voters rejected a bailout offer and China moved to calm financial market turbulence.

And many analysts are tipping the price of Australia’s biggest export earner, iron ore, to fall below $US50 a tonne because of a global oversupply.

Mr Spooner suspected the market was pausing before today’s Reserve Bank board meeting, which is expected to keep the interest rate on hold at a record low of two per cent.

“Even though nothing is expected to change, it nevertheless represents a risk event,” he said.