Weaker euro drags down $A March 1, 2013 - 7:31AM The Australian dollar has been dragged about half a US cent lower on weakness in the euro currency. At 0700 AEDT on Friday, the currency was trading at 102.20 US cents, down from 102.76 US cents on Thursday afternoon. HiFX senior trader Alex Hill said the Australian dollar fell overnight due to weakness in the euro. He said the euro moved lower on speculation the European Central Bank (ECB) would cut its key interest rate below its current 0.75 per cent and ongoing concern over Italy's political stalemate. "We were led a bit lower by the euro dollar, that fell on the back of a couple of things," he said. But it was a bit of a quiet night. Mr Hill said a rise in the US dollar, led by improved employment and economic data, also contributed to the Australian dollar's weakness. He said the key driver for the Australian dollar during Friday's local session would be the release of official Chinese manufacturing figures for February. Domestically, we're pretty light on data so the Chinese data will be the focus. I think the Australian dollar is going to be stuck in a range of between 101.80 and 102.60 (US cents).