AUD/USD Slumps Amid RBA Comments and August CPI Fears

The Australian dollar slipped by 0.6% from its Tuesday high of 0.7029 as Reserve Bank of Australia (RBA) comments continued to weigh on the currency.

Ahead of the upcoming August Consumer Price Index (CPI) update, which is due at 0130 GMT and is expected to show a 0.5% monthly increase and 4.1% annual rise, according to Reuters' consensus forecast, market analysts are waiting with bated breath for further guidance from the RBA.

RBA board member Luci Ellis had expressed hopes that monetary policy would be restrictive enough to temper inflation rates during a recent speech.

However, in a separate development, Federal Reserve President John Williams stated that there was no urgency to raise interest rates at this time.