The Australian dollar made gains against its U.S. counterpart on Monday as profit taking caused the greenback to drop value overnight.

At the Asian open, one Australian dollar bought 75.94 U.S. cents, a sizeable jump from the 1700 local time AEDT amount of 75.54 U.S. cents on Friday.

Joseph Capurso, currency strategist at the Commonwealth Bank said that China's positive economic news will help boost the Australian dollar in the short term.

"The Australian dollar may recieve some short term support following news over the weekend that China's government is strongly committed to infrastructure investment in railway, road and water conservation," Capurso said.

"High commodity prices have improved the outlook for Australia's economy and reduced the Australian dollar's overvaluation."

At 0800 local time AEDT, one Australian dollar buys 75.89 U.S. cents.