The dollar has fallen sharply following news of slower economic growth in China.
At 5pm AEST today, the Aussie was at $US1.0433, down from $US1.0546 on Friday afternoon.
CMC markets foreign exchange dealer Tim Waterer said the currency fell sharply after official Chinese figures showed growth in the world's second largest economy rose 7.7 per cent on a year-to-year basis in the March quarter.
That was below market expectations of an 8 per cent expansion.
"The Australian dollar hasn't enjoyed the greatest start to the week," Mr Waterer said.
"Given the importance of the Chinese economy to Australia, the Aussie dollar was particularly susceptible to those (economic) numbers and it fell the best part of a US cent."
Mr Waterer said the Australian dollar could drop below $US1.04 if traders in Europe and the US reacted as negatively to the Chinese figures as Asian markets did.
"I can definitely see the Australian dollar being weaker for the next 24-48 hours," he said.