At 07:00 (AEST), the Australian dollar was buying 61.73 U.S. cents, up from 60.72 U.S. cents on Friday.
"Asia's equity gains Friday turned to sizeable losses in Europe and the U.S. Commodity prices, bond yields, and the U.S. dollar also fell," Westpac Bank economists said in a morning note.
"The latter (allowed) AUD and NZD to perform well despite the risk- averse backdrop. AUD/USD even touched 62.00 U.S. cents before steadying around 61.50 U.S. cents."
At 09:30 (AEST), the local unit was buying 61.35 U.S. cents.
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