The Australian dollar has fallen back to earth after a wild night that briefly saw the currency hit a three-week high, before slumping nearly a whole cent.

Boosted by better than expected Chinese trade data and the European Central Bank’s decision to keep monetary policy unchanged, the Aussie rose as high as 77.32 US cents overnight.

Currency traders were surprised by ECB chief Mario Draghi downplaying the need for more monetary stimulus in the eurozone, at a time when concern over the impact of Brexit on the region is mounting while inflation and growth remains anaemic.

The ECB rhetoric initially spurred a jump in the euro, which was closely tracked by the Aussie dollar, already buoyed by Chinese imports rising more than expected in August.

But the Aussie slid just as quickly, falling to a low of 76.36 US cents this morning, before stabilising around 76.5 US cents mid-morning.

The falls closely tracked a similar drop in the euro, but NAB said that comments by RBA chief Glenn Stevens may have exacerbated the plunge in the local currency.