The Australian dollar has weakened as a meeting of European Union (EU) leaders begins in Brussels on the region's debt crisis.
At 0700 AEST on Friday, the Australian dollar was trading at 100.45 US cents, down from 101.15 cents on Thursday.
BK Asset Management managing director of foreign exchange strategy Kathy Lien said that although pessimism around the summit had grown this week, there were still expectations it could yield some results for peripheral countries.
So far, there's nothing concrete out of the summit, that's the reason why all the currencies are still under quite a bit of pressure," she said.
"I think the reason why we're not seeing any steeper losses is because everyone is waiting on the sidelines for the final announcement on Friday.
"At this point, everyone realises that clear plans for a tighter fiscal union is not likely, but they are holding out hope that there could be some short term measures announced to support Spain and Italy."