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.
"It looks like it wants to test those levels," he said.
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