The Australian dollar has opened slightly weaker as softer gold prices and late falls on US equities lowered the local currency in thin trading.
At 0700 AEDT, the Australian dollar was trading at 68.14 US cents, down from Tuesday's close of 68.38.
During the overnight session, the local unit traded between 67.83 US cents and 68.51.
Commonwealth Bank manager of institutional services, foreign exchange, Tim Kelleher said the Australian dollar was marginally lower on a weaker gold price and falls on Wall Street.
At 7amT, the spot price of gold, Australia's third most valuable export, was $US838.45 per fine ounce, down $US6.05 on Tuesday's close of $US844.50.
US equities opened firmer but gave back gains as more data confirm the extent of the US economic downturn.
Economic growth contracted 0.5% in the US during the September quarter, the US Department of Commerce said on Tuesday.
New US home sales dropped 2.9% to 407,000 in November, the lowest level since January, 1991, the US Department of Commerce said.
Purchases of both new and existing houses declined 7.6% in November to an annual rate of 4.43 million, the National Association of Realtors said.
It was the biggest fall since January 1989.
"The US dollar is slightly stronger against the yen and the Dow is down," Mr Kelleher said from Auckland.
He said markets were quiet ahead of the festive season with thin volumes exaggerating currency movements.
"Liquidity is quite thin (and) it does not take much to move it," he said.
