The Australian dollar has fallen sharply following news of slower economic growth in China.
At 1700 AEST on Monday, the currency was at 104.33 US cents, down from 105.46 US cents on Friday.
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 was at a 7.7 per cent pace for the March quarter.
That was below market expectations of an 8 per cent growth rate.
"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 104 US cents 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 to 48 hours," he said.
At 1700 AEST, the Australian dollar was trading at 102.23 Japanese yen, down from 104.82 yen on Friday, and at 79.84 euro cents, down from 80.60 euro cents.
Meanwhile, Australian bond futures prices are higher following the Chinese economic data.
"That (the Chinese figures) really set bonds off on a tear and we haven't really looked back since," Mr Johnson said.
At 1630 AEST, the June 10-year bond futures contract was trading at 96.755 (implying a yield of 3.245 per cent), up from Friday's close of 96.700 (3.300 per cent).
The June three-year bond futures contract was at 97.300 (2.700 per cent), up from 97.220 (2.780 per cent) previously.