At 07:00 (AEST), the local unit was buying 71.60 U.S. cents, down from 72.14 U.S. cents on Tuesday.
"U.S. equities fell and bonds rallied amid a continuing stalemate in U.S. fiscal package negotiations, COVID-19 vaccine and therapy trial setbacks and rising virus cases in Europe," Westpac Bank economists said in a morning note.
The U.S. dollar rallied against most major currencies and the Aussie slumped back below 72 U.S. cents.
At 09:30 (AEST), the local unit was buying 71.61 U.S. cents.
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