AUD/USD has backed off from the session high of 0.6906 to 0.6895 in response to the downward revision of the Aussie growth forecast by the Reserve Bank of Australia (RBA).

The Statement of Monetary Policy (SoMP) revised lower the gross domestic product (GDP) forecast for December quarter to 2.25% from 2.50%.

Further, it said the board members stand ready to ease further if needed. The central bank has cut rates three times this year to a record low of 0.75%.

The Aussie economy is 'gradually coming out of a soft patch', wage growth is low and no longer expected to pick up, the SoMP added.

Source : FXstreet