Australian dollar trading below 72 U.S. cents

The Australian dollar has fallen overnight despite a brief surge after China's central bank cut its interest rates to curb two days of dramatic stockmarket losses.

At 0715 (AEST), the Australian dollar was trading at 71.27 U.S. cents, down from 71.82 U.S. cents at the close of local trade on Tuesday.

The local unit has experienced volatility over the past 24 hours, reaching highs of 72.52 U.S. cents when China's central bank cut interest rates, and lows of 71.17 U.S. cents during pre- panic local trade on Tuesday.

Overnight however, data out of the United States overnight ended the brief upswing as investors shied away from resource- orientated currencies such as the Australian dollar. Endi