At 07:00 (AEST), the Australian dollar was buying 61.47 U.S. cents, down from 61.70 U.S. cents on Tuesday.
"AUD/USD's sharpest price action was not linked to news or data, with its slide from 61.90 U.S. cents to (very briefly) 60.70 U.S. cents coming as a wave of U.S. dollars appeared to be bought in Tokyo on the final day of Japan's fiscal year," Westpac Bank economists said in a morning note.
The Aussie regained some of that ground in late trade on Tuesday, while the share market took a sharp turn to finish firmly lower.
At 09:30 (AEST) the local unit was buying 61.19 U.S. cents.
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