The Australian dollar has bounced after Federal Reserve chair Janet Yellen made dovish remarks about the US economy’s recovery.

At 7am today (AEDT), the local currency was trading at 92.73 US cents, up from 92.31 cents yesterday.

Traders are waiting for the Reserve Bank of Australia’s monetary policy statement later today.

The central bank’s expected to keep the cash rate at the record low of 2.5 per cent.

AAP RTV