At 07:00 (AEST), the Australian dollar was buying 60 U.S. cents, down from 61.07 U.S. cents on Tuesday.
"Announcements of plans for large fiscal stimulus helped lift sentiment in European and U.S. equity markets," Westpac Bank economists said in a morning note.
"Commodities are lower, though, and the defensive USD is higher, sending AUD/USD below 60 U.S. cents for the first time since Apr 2003."
At 09:00 (AEST), the local unit was buying 60.15 U.S. cents.
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