THE Australian dollar has fallen more than half a US Cent, amid weaker performances on regional equity market and ahead of a much-anticipated reading of US gross domestic product (GDP).
At 1700 AEDT on Friday, the local currency was trading at 103.12 US cents, down from 103.76 cents on Thursday, which was its highest position for a week.
Commonwealth bank currency strategist Joseph Capurso said a sluggish performance from regional markets and currencies pushed the Aussie dollar down.
"Part of the story is commentary from New Zealand's new Reserve Bank governor," he said.
"That pushed the New Zealand dollar down, and it took the Aussie dollar down as well.
"Equity markets in Asia have also been pretty weak - the US currency has increased against most currencies today, so the Aussie dollar is part of that move."
In his inaugural speech on Friday, Reserve Bank of New Zealand governor Graeme Wheeler said he would like a lower New Zealand dollar without having to resort to unorthodox policy that may disrupt his efforts to contain inflation.
Mr Capurso said markets would now turn their attention to the US.
"If the US GDP number tonight is a good one, the Aussie might get a little bit of support," he said.
"However I don't think it's going to be by a great deal."
The data is expected to show an annual growth rate of 1.9 per cent for the third quarter in the US.
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