The release of weaker than expected Australian business investment data has pushed the local currency to a six week low.

At 0700 AEST on Friday, the Australian dollar was trading at 76.49 US cents, down from 76.94 cents on Thursday.

It fell as low as 76.18 US cents in the early hours of Friday morning, its weakest level since April 15.

The currency fell below 50 British pence for the first time in three months and hit its lowest point against the euro and the yen since early May.

Westpac strategist, Imre Speizer, said the Australian dollar had continued to fall “in response to a surprisingly weak capex report”.

Thursday’s data showed business investment slumped in the first three months of the year, and is expected to fall further in the coming financial year.

Speizer expects the Aussie dollar’s sell off to intensify on Friday, with 75.75 US cents a potential downside target.

“The weak capex report will reverberate for a while,” Speizer added.

AAP