The Australian dollar is being dragged lower by geopolitical concerns

The Wallabies in training. Photo: Brendon Thorne/Getty Images

It was another quiet session for the Australian dollar overnight, moving in a thin trading range after falling in Asia.

Here’s the scoreboard as at 6.45am AEST.

AUD/USD 0.7885 , -0.0027 , -0.34%
AUD/JPY 86.75 , -0.52 , -0.60%
AUD/CNH 5.2751 , -0.0343 , -0.65%
AUD/EUR 0.6705 , -0.0026 , -0.39%
AUD/GBP 0.6061 , -0.0028 , -0.46%
AUD/NZD 1.0743 , -0.0047 , -0.44%
AUD/CAD 1.0012 , -0.0007 , -0.07%

Renewed geopolitical concerns over the Korean Peninsula largely explains its weak performance given a lack of market-moving data releases on Wednesday.

Ongoing caution from US Federal Reserve officials in relation to the inflation outlook, soft labour cost data from the June quarter and a recovery in US stocks helped to keep the Aussie’s losses in check, seeing it grind higher in the latter parts of trade.

AUD/USD 5-Minute Chart

After a slow day on Wednesday, the economic calendar slows event further today, likely ensuring a quiet session for the Aussie in lieu of any new developments between the US and North Korea.

The most significant event arrives early in the session with the release of the Reserve Bank of New Zealand’s August interest rate decision, something that will likely move the Kiwi against the Aussie.

This 10-second guide has more. It’ll arrive at 7am AEST.

Outside of that event the calendar is sparse with UK industrial output, Canadian new home prices,along with US producer price inflation and weekly jobless claims the headline acts later in the session.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.