The Australian dollar has recovered some lost ground from Yesterday after a neutral stance yesterday by the US Federal Reserve in their latest monetary statement.

At 12.32pm (GMT) the Aussie dollar was trading at US76.05 up 0.30 percent from yesterdays

After plunging more than 2 percent on yesterday’s disastrous inflation numbers the Australian dollar has made a comeback after US Fed president Janet Yellen retreated in the central banks latest policy statement that interest rate rises would be heavily data dependent and slower than first predicted.

Although the speech seemed to be a little dovish some analysts noted the removal of key concerns such as worries over economic growth and problems in China and still believe the Fed is on track to raise rates at least twice this year

"The comments did not change the direction of the dollar because the two rate hikes by the Fed remain intact," said Minh Trang, senior currency trader at Silicon Valley Bank in Santa Clara, California.

With no local data on the horizon, GDP numbers out of America later today are likely to affect the direction of the Aussie dollar for the rest of today’s trading.