The Australian dollar has drifted lower in a quiet overnight session as markets wait to see whether Europe's top bankers will introduce new stimulus measures.
At 0700 AEST, the Australian dollar was trading at 102.77 US cents, down from 102.91 cents yesterday.
The currency's performance more or less mirrored that of European equity markets overnight with Germany's DAX 30 losing 0.20 per cent, Paris' CAC 40 dropping 0.11 per cent and London's FTSE 100 finishing the session essentially unchanged.
LTG Goldrock Director Andrew Barnett said traders were waiting for key monetary decisions from the European Central Bank (ECB) and Bank of England (BoE), expected on Thursday night (Australian time).
"People are sitting on their hands until the ECB and Bank of England announcements tonight," he said.
The ECB is expected to announce an interest rate cut while the BoE is expected to announce a STG50 billion ($A76.78 billion) stimulus package to boost recession-hit Britain.
US stock markets were closed overnight due to the 4th of July Public holiday.
Mr Barnett said the Australian dollar was likely to have a quiet day of trading during Thursday in the lead up to the European session.
He said monthly trade data, to be released by the Australian Bureau of Statistics on Thursday morning was unlikely to have a significant impact on the currency.
"There isn't a whole lot going on for the Aussie (dollar) today, it will probably be fairly flat because there is just nothing there significant to drive it."
