At 07:00 (AEST), the local unit was buying 70.53 U.S. cents, down from 70.64 U.S. cents on Tuesday.
The Aussie briefly nudged a four-week low of 70.21 U.S. before recovering slightly, although was still firmly lower to start the day.
Against G10 currencies the greenback was mixed, with the Aussie joining the New Zealand dollar as stand out underperformers.
At 09:30 (AEST), the local unit was buying 70.50 U.S. cents.
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