$A lower as US stock markets slide

The Australian dollar is almost half a US cent lower following falls on US stock markets and a signal the Reserve Bank of Australia (RBA) may cut the cash rate again in the near future.

At 0630 AEDT on Wednesday, the Australian dollar was trading at 103.70 US cents, down from 104.14 US cents on Tuesday afternoon.

The currency fell overnight as US stock markets weakened and the conflict between Israel and Hamas entered its seventh day.

At 0630 AEDT, the Dow Jones Industrial Average was 0.36 per cent lower, while the S&P 500 was down 0.24 per cent.

Meanwhile, RBA Governor Glenn Stevens told a Melbourne crowd on Tuesday night the central bank had discussed the possibility of future rate cuts at its November 6 board meeting.

"The board felt that further easing might be required over time," he said.

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