Investing.com - The Australian dollar dropped against its U.S. counterpart on Wednesday, after the release of downbeat Australian data, while the New Zealand dollar held steady as sentiment on the greenback remained fragile.
AUD/USD declined 0.59% to a five-month low of 0.7586.
Earlier Wednesday, the Australian Bureau of Statistics said wage prices rose 0.5% in the third quarter, disappointing expectations for an increase of 0.7%.
Year-over-year, wage prices gained 2.0% in the last quarter, compared to expectations for a 2.2% gain.
NZD/USD was little changed at 0.6876.
Meawhile, uncertainty over the fate of a major U.S. tax overhaul continued to weigh on the greenback despite the previous session's upbeat inflation report.
Data on Tuesday showed that U.S. producer prices increased by 0.4% in October, exceeding expectations for a 0.1% uptick.
Market participants were now looking ahead to a report on U.S. consumer price inflation due later in the day.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.17% at 93.56 by 02:25 a.m. ET (06:25 GMT), the lowest since October 26.