Over the past two weeks, the Aussie has gained as much as 4 US cents, as interest rate expectations jumped while concerns for the US economy mounted.

Although the gain for the dollar put more purchasing power in the hands of tourists while making Aussie commodities pricier, analysts are tipping a retreat.

"We’re looking for a bit of pull-back on Aussie," said Travelex risk solutions manager Anthony Gray, citing the anniversary this week of Lehman’s Brothers collapse, along with the trade trade tensions between China and the US which may trigger a flight to safety.

"There are a lot of themes here," Mr Gray said, noting how rapidly the Aussie has risen against the greenback. The American economy, struggling to gain momentum and create jobs, is considered in worse shape than Australia’s.

"Easily we could have a pull-back to 82 US cents," Mr Gray said. "And that’s really just wiping out gains we’ve seen of late."

From 82 US cents, the Aussie could sink lower, he said, possibly to 75 US cents over the next six months as more pessimistic news about the global economy and earnings filters through to investors.

Mr Gray said fundamentals surrounding the Aussie dollar, such as Australia’s resilient economy and low joblessness, have already been priced in and are responsible for the strength we have seen.

Analysts, including Mr Gray, said runaway interest rate expectations had helped drive up the value of the Aussie dollar.

Investors are expecting a cash rate of 4.75 per cent by September 2010, as the Reserve Bank acts to unwind the stimulatory level of the cash rate, currently at 3 per cent.

"The expectations are just too much right now," he said. "It’s too rich."

RBC Markets senior currency strategist Sue Trinh agreed, saying they had pushed the Aussie out of line.

"The market has priced in an RBA rate hike and those expectations were disappointed last week clear as day with weaker retail sales, weaker housing finance and weaker jobs data," she said.