The Australian dollar rebounded overnight as the greenback corrected lower and a stronger move in bulk commodities.

At the Asian open on Tuesday, the local unit was trading at 73.60 U.S. cents, up from 73.08 U.S. cents at Monday's close.

The near 2 percent gain in iron ore futures overnight as well as the softer U.S. dollar and lower global bond yields supported the local unit, Commonwealth Bank of Australia senior currency strategist Elias Haddad said in a note to clients.

"Lower global bond yield increases the relative attractiveness of higher-yielding Australian and New Zealand bonds," Haddad said.

Traders are eyeing local retail sales data, expecting another moderate monthly rise given the seasonal trade, though annual growth staying at a sedate 3.5 percent pace.

By 0933 local time (AEDT), the Australian dollar was trading at 73.62 U.S. cents.