The Australian dollar is lower amid fears that tapering of United States economic stimulus could begin soon.
At 0700 AEDT, the local unit was trading at 92.97 US cents, down from 93.32 cents on Tuesday.
The US dollar has rallied since better-than-expected jobs data on Friday night, which has renewed expectations that the US Federal Reserve will begin winding back its economic stimulus program soon.
A disappointing business survey yesterday, showing a sharp fall in business confidence in October, also drove the Australian dollar lower, Westpac chief currency strategist in New York Richard Franulovich said.
"The Australian dollar is not trading with a particularly healthy tone at all," Mr Franulovich said.
"Tapering fears are certainly weighing on risk assets, keeping the Australian currency on the backfoot.
"Commodities have been heavy, risk appetite has been on the back foot, equities are lower.
"The weaker National Australia Bank business survey was very unhelpful for the Australian dollar as well and the weakness overnight was a continuation of that."
Business confidence fell to five points in October, from 12 in September, in the wake of the Coalition's election win, according to the National Australia Bank monthly business survey.
Actual business conditions remained subdued at -4 points.