Australia's dollar has received its fair share of whacking lately and perhaps it's time to give the currency a bit of a break, currency strategists say.

The Australian dollar has surged past 98 US cents as the American currency takes a breather from its rally ahead of an economically-busy week.

The Australian dollar was little changed on the release of the minutes of the Reserve Bank of Australia's May board meeting.

The Australian dollar is slightly firmer on Monday, after spending most of the past week in a downward spiral. At 1700 AEST the currency was trading at 97.57 US cents, up from 97.37 cents on Friday.

Predictions of a further drop in the Australian dollar have been welcomed by Hunter exporters who have struggled to remain competitive in global markets.

Australian dollar lifts on Wall St rally. 20 May, 7:38 AM. Markets · Currency · Australian Dollar. Local currency slightly higher after US stocks closed week at record highs.

Australia's currency is falling. One Australian dollar buys 97 cents, down from roughly $1.04 at the start of the year.

The Australian dollar is overdue for a correction and is likely to settle around US90� this year as a continuing recovery in the world's biggest economy pushes the US dollar higher, currency experts say.

The Australian dollar was back in favour overnight after the US government was warned it will be downgraded again unless it deals with its debts.

The drop in the Australian dollar is expected to push petrol prices up by as much as 5 cents a litre in the next two weeks.