The Australian dollar crashed through the US74c mark today on the back of stronger commodity prices before succumbing to selling pressure to be trading at US73.89c later in the trading session.

Iron ore, Australia’s biggest commodity jumped 5 dollars overnight to a high of $75.50 which lent strong support to the Australian currency.

Clearly, the Aussie outperformance can be attributed squarely to commodity performance," OANDA Australia and Asia Pacific senior currency trader Stephen Innes said.

He also noted that the Aussie dollar’s rise may be temporary and a round of data out of the US this week including durable goods figures later today may prove positive and push investors back into the US dollar and in turn send the Australian dollar lower

"Let us not get ahead of this current move, this could be just a temporary reprieve from a surging US dollar," Mr Innes added.