At 07:00 (AEST), the Australian dollar was buying 70.35 U.S. cents, down from 70.45 U.S. cents on Thursday.
"The U.S. dollar rose against all G10 currencies over the day despite the better risk environment," Westpac Bank economists said in a morning note.
"AUD/USD edged up to 70.75 early London but then fell to 70.02 U.S. cents -- a three-month low -- stabilizing at 70.25 U.S. cents."
At 09:30 (AEST), the local unit was buying 70.24 U.S. cents.
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