Aussie Dollar Sees Brief Reprieve Before Stocks Weigh In

The Australian dollar experienced a brief surge in value due to Reserve Bank of Australia Deputy Governor Andrew Hauser's hawkish comments, but ultimately dipped 0.1% to $0.7075 as stocks slipped.

This decline came despite the central banker warning that inflation risks remain on the upside and interest rates may need to be increased further.

Hauser's message echoed RBA Governor Michele Bullock's view that a rate hike might still be necessary, with markets implying only a 16% chance of a rate rise at the next meeting on September 29.

The main Australian economic data released showed wages rose a moderate 3.2% in the June quarter, with growth in the private sector slowing to its lowest level in four years.