THE Australian dollar has dropped back below 103 US cents for the first time in three days amid falls on US stock markets and weaker commodity prices.
At 7am AEST today, the currency was trading at 102.78 US cents, down from 103.54 US cents yesterday afternoon.
HiFX senior trader Stuart Ive said The Australian dollar lost more than three quarters of a US cent overnight amid negative sentiment surrounding weaker-than-expected economic figures out of the US and China.
Official Chinese figures, released on Wednesday, showed that the country's key manufacturing sector grew at a slower pace in April while manufacturing and employment data released in the US overnight also disappointed markets.
"That has all weighed on the Australian dollar," Mr Ive said.
The negative sentiment saw New York sharemarkets lose almost one per cent while gold and copper prices also fell.
Mr Ive said the release of another set of Chinese manufacturing figures, from banking giant HSBC, would be the main driver of the Australian dollar during today's local session.
But, he said, the currency could push back above 103 US cents again during morning trade.
"I think we could probably edge back towards 103.10, but I don't see us going much further than that."
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