SYDNEY: The Australian dollar nudged lower on Wednesday after two straight sessions of gains as policymakers reiterate lower-for-longer policy settings.

The Australian dollar was last at $0.7543 after going as high as $0.7550 earlier in the day.

The currency is trading close to its 200-day moving average of 0.7556 and a clear break above would ease downward pressure.

Earlier, Reserve Bank of Australia (RBA) Assistant Governor Luci Ellis reiterated that policymakers were committed to maintaining its highly supportive policy settings.

The RBA has left policy rates at a record low 0.1% since November 2020 and has repeatedly said it will not raise rates until it meets its employment and inflation goals.

Ellis' speech comes as Commonwealth Bank of Australia economists bring forward their forecasts for the next RBA rate hike to November 2022 from no change earlier.

Westpac economists see rate rises to begin from early 2023 led by a surprising rebound in Australia's labour market.

Elsewhere, US Federal Reserve officials including Chair Jerome Powell too reaffirmed that tighter monetary policy was still some way off.