By Swati Pandey and Charlotte Greenfield
SYDNEY/WELLINGTON, April 5 (Reuters) - The Australian dollar stayed under pressure on Wednesday, after four straight sessions of losses, as traders read the latest commentary from the country's central bank as slightly dovish.
The Australian dollar AUD=D4 held at $0.7570, not far from a three-week low of $0.7545 hit on Tuesday after the Reserve Bank of Australia's (RBA) monetary policy statement. Analysts see key chart support at $0.7500.
The RBA left official cash rates at a record low 1.5 percent, but described the labour market as "soft" from "mixed" recently. jobless rate is at a 13-month high, while employment growth is heavily skewed toward part-time work.
RBA Governor Philip Lowe said an improvement in the labour market was needed, before the central bank can be confident the overall economy was strengthening. comment has quieted many Aussie dollar bulls and prompted the futures market 0#YIB: to push back the chance of a rate hike to early next year.
"It's too early to be thinking about hikes as unemployment and underemployment...are way too high. This is maintaining downward pressure on wages growth," said Shane Oliver, chief economist at AMP Capital.
"The A$ remains too high, underlying inflation risks staying below target for longer and there are risks around economic growth."
Investors were also monitoring the impact of supply disruptions on exports of coal caused by a devastating cyclone in Australia's northeast. the Aussie was near four-month lows on the yen AUDJPY=R , dragged down by increased demand for safer assets as global risk appetites dwindle.
There were concerns about an upcoming China-U.S. summit, as well as ongoing uncertainties about U.S. President Donald Trump's ability to implement his promised policies. New Zealand dollar NZD=D4 stood at $0.6979, after dropping 0.5 percent to a three-week low of $0.6970 in the previous session. Technical analysts see strong chart support around $0.6900.
As global risk sentiment dominated, investors largely ignored a tick up in the price of milk at the latest dairy auction. kiwi rose slightly immediately after the auction, but fell soon after.
New Zealand government bonds 0#NZTSY= eased, sending yields three basis points higher at the long end of the curve.
Australian government bond futures were mixed, with the three-year bond contract YTTc1 up two ticks at 98.130. The 10-year contract YTCc1 stood unchanged at 97.3600. (Editing by Randy Fabi)