Investors kept a safe distance from risk assets prompting the dollar to open lower than Tuesday's close of 91.42 US cents.

The Aussie buck was trading at 91.07 US cents early today. It was also buying 76.34 yen, 59.25 pence, and 71.76 euro cents. It was trading between 90.90 and 91.5 US cents yesterday.

Concerns about the European economy and oil prices also led the U.S. stocks to close lower. The Dow Jones Industrial Average closed down 1.03 percent, while the broader S&P 500 index slipped 1.15 percent.

The European banking system will be facing regulations from new financial oversight bodies in order to prevent governments from spending too much. The crude oil price increases have added to the apprehensions. Crude oil prices range from $73.76 to $73.91 a barrel. Natural gas is at $3.89.

Comments from local institutions have also affected the exchange rate. According to Canadian Forex corporate dealer Darren Richardson, “That's also following the comments by the Bank of Japan and the RBA (Reserve Bank of Australia), both saying that they're a little bit concerned about the US economy and that's filtered through in the form of people removing risk from the table and thus selling Aussie dollars and commodities.”

Richardson said the Australian dollar would be “staying pretty solid between 91 and 92 US cents during the Aussie session.”