The Australian dollar is on a wild ride today after falling on the back of weak oil prices before rebounding strongly later in the day.

At 6.11pm (GMT) the Aussie dollar was trading at US77.55c after falling as low as US76.05c earlier in the session.

After a meeting on Sunday of the world’s biggest oil producers in Doha failed to reach an agreement on production freezes, the oil price dropped almost 7 percent with commodity currencies like the Aussie dollar tumbling as trading opened on Monday before making a comeback late in the European session as oil bounced off its daily lows.

The sticking point in the oil agreement was Iran, who said that a cut in oil production was off the table until they reached pre sanction output levels which most analysts don’t see happening in the foreseeable future which may mean more hard times for the oil price.

The Aussie dollar is expected to come under increased volatility tomorrow with the release of the minutes meeting from the reserve bank of Australia.

The tone of the speech will be vitally important and the Australian dollar could go either way.

“The RBA minutes are likely to echo the same cautiously optimistic view on the economic outlook, hedged by continuing to include the same explicit easing bias,” said Will Richardson, currency strategist at Macquarie Bank.

“The swing factor would be any elaboration on the mild frustration about currency strength added to the policy statement two weeks ago,” he added.