THE Australian dollar has dropped to its lowest level in more than three weeks after North Korea threatened to conduct another nuclear test.
At 1700 AEDT on Friday, the Australian dollar was trading at 104.49 US cents, down from 105.14 US cents on Thursday afternoon.
The currency traded as low as 104.39 US cents on Friday, its lowest point since January 1.
Commonwealth Bank currency strategist Joseph Capurso said the currency fell overnight on Thursday after North Korea announced plans to carry out another nuclear test.
"A lot of the move we saw late yesterday and overnight, we think is related to North Korean issues," he said.
"That has pulled down most Asian currencies and, because of the very high correlation between Asian currencies and the Aussie dollar, it has pulled the Aussie dollar down as well."
Mr Capurso said the Australian dollar traded in a narrow range during Friday's local session, following the fall.
He said the currency's movements next week would be driven primarily by events in the US, including a meeting of the Federal Reserve and the release of economic and employment figures.
"I suppose the risk is those events disappoint and that will probably give the Aussie dollar a bit of a boost and push the US dollar down a bit," he said.
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