US Dollar under pressure as yields and crude prices dip; Australian Dollar buoyed by hawkish RBA comments

The US dollar remained pressured on Wednesday, having fallen to a three-week low in the previous session, as declining Treasury yields and crude oil prices diminished its appeal. Conversely, the Australian dollar traded near a three-week high against the greenback after Reserve Bank of Australia Deputy Governor Andrew Hauser indicated a 'materially worse' inflation outlook, suggesting the central bank might need to further raise its policy interest rate next month.