THE Australian dollar fell a quarter of a US cent after the release of weaker-than-expected building approvals figures.
At 11.30am AEST today, the Australian Bureau of Statistics announced approvals for the construction of new homes fell 5.5 per cent across Australia in March, a weaker result than the market was expecting.
By 11.35am AEST the currency was trading at 102.45 US cents, down from 102.69 US cents just before the data's release.
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.
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."
THE Australian dollar has dropped back below 103 US cents following weakness on global share markets and commodity prices.
At 0700 AEST TOday, the currency was trading at 102.82 US cents, down from 103.10 US cents on Friday afternoon.
Westpac New Zealand senior market strategist Imre Speizer said the Australian dollar weakened during Friday night's European and US sessions as equities markets moved lower.
Mr Speizer said markets were disappointed after European Central Bank (ECB) official Joerg Asmussen warned of the side effects of low interest rates.
His comments undermined widespread expectations the ECB will cut its key interest rate when it meets later in the week.
Mr Speizer said the currency was likely to continue to move lower over the next few days, possibly dropping below 102.20 US cents.
THE Australian dollar has opened higher, as a rally on global equity markets pushed the currency above 105 US cents.
At 0700 AEST on Thursday, the Australian dollar was trading at 105.43 US cents, up from Wednesday's local close of 105.09 US cents.
The local currency reached 105.51 US cents during the Wall Street session, as the Dow Jones Industrial Average and S&P500 posted fresh highs.
"Equities were strong across the board," ASB Institutional head of institutional FX sales Tim Kelleher said.
"It is hard to see a reason why it is going to sell off unless we see some sort of turnaround in that.
"It's just a continuation of the pattern we have seen for the last four or five days."
The Australian dollar also extended gains against the Japanese yen and at 0700 AEDT was at 105.19 yen, up from Wednesday's close of 104.17 yen.
Mr Kelleher said there was little of note in the minutes of the US Federal Open Market Committee, which showed members of the US central bank's monetary policy setting body continued to debate when to reduce its bond purchasing program.
The focus for markets during the local trading day was expected to be on the March jobs figures from the Australian Bureau of Statistics due out today.
Economists expected the nation to have lost 7,500 jobs in the month, with the unemployment rate tipped to remain steady at 5.4 per cent.
Market players would also be looking at any revisions to the previous month's figure, which showed Australia added a surprisingly high 71,000 jobs in February.
"It's been quite a volatile number," Mr Kelleher said.
During the overnight session, the local currency moved between a low of 105.09 US cents and a high of 105.51 US cents.
THE Australian dollar has opened higher, as a rally on global equity markets pushed the currency above 105 US cents.
At 0700 AEST on Thursday, the Australian dollar was trading at 105.43 US cents, up from Wednesday's local close of 105.09 US cents.
The local currency reached 105.51 US cents during the Wall Street session, as the Dow Jones Industrial Average and S&P500 posted fresh highs.
"Equities were strong across the board," ASB Institutional head of institutional FX sales Tim Kelleher said.
"It is hard to see a reason why it is going to sell off unless we see some sort of turnaround in that.
"It's just a continuation of the pattern we have seen for the last four or five days."
The Australian dollar also extended gains against the Japanese yen and at 0700 AEDT was at 105.19 yen, up from Wednesday's close of 104.17 yen.
Mr Kelleher said there was little of note in the minutes of the US Federal Open Market Committee, which showed members of the US central bank's monetary policy setting body continued to debate when to reduce its bond purchasing program.
The focus for markets during the local trading day was expected to be on the March jobs figures from the Australian Bureau of Statistics due out today.
Economists expected the nation to have lost 7,500 jobs in the month, with the unemployment rate tipped to remain steady at 5.4 per cent.
Market players would also be looking at any revisions to the previous month's figure, which showed Australia added a surprisingly high 71,000 jobs in February.
"It's been quite a volatile number," Mr Kelleher said.
During the overnight session, the local currency moved between a low of 105.09 US cents and a high of 105.51 US cents.
