The Australian dollar weakened slight as traders consolidated their positions ahead of possible economic announcements in Europe and the US.
At 1700 AEST the Australian dollar was trading at 102.68 US cents, which was down from yesterday's close of 102.91 US cents.
Domestically, the biggest news today was the release of international trade figures for May, which showed a deficit which was slightly lower than anticipated.
However the effect on the Australian dollar was minimal.
Andrew Salter foreign exchange strategist at ANZ Banking Group described the day's trading period as one of consolidation.
"The release of the trading figures had a marginal impact and they weren't out of line with market expectations," said Mr Salter.
Traders are now waiting for policy decisions by the European Central Bank (ECB) and Bank of England (BOE) on Thursday night AEST.
"It's all going to very much tied to policy moves over the next 24 to 48 hours," Mr Salter said.
"All eyes are on the ECB."
The ECB is expected to announce an interest rate cut while the BoE is expected to unveil a STG50 billion ($A76.78 billion) stimulus package to boost recession-hit Britain.
