$A lower after German growth forecast cut

The Australian dollar is almost one US cent lower after economic growth forecasts for Germany were cut.

At 0630 AEDT on Friday, the local unit was trading at 87.72 US cents, down from 88.68 cents on Thursday.

Germany's leading economic institutes say Europe's largest economy would grow by just 1.3 per cent in 2014, much lower than the 1.9 per cent growth they had previously expected.