The RBA said that lower prices for raw materials and unemployment higher than 5% were reasons for unchanged interest rates and could be bearish for the Aussie which had priced in a hike.

But economic growth and the strength of commodity prices are probably priced in by now, while investors around the world are focusing more on imbalances such as national current account deficits.

According to some analysts, strength in the Australian dollar earlier this year may have made it look like a safe place for Chinese companies to keep money amid gains in their own country's currency.