AUD/USD slumps to near 0.6420 as antipodeans underperform, FOMC minutes eyed

• AUD/USD falls sharply to near 0.6425 as the Australian Dollar underperforms its major peers.
• Investors await FOMC minutes, and flash Australia-US PMI data for August.
• The PBOC kept its one- and five-year LPRs unchanged at 3.00% and 3.50%, respectively.

The AUD/USD pair declines for the third trading day in a row on Wednesday. The Aussie pair slides to near 0.6425 as antipodeans underperform its peers.

The Australian Dollar faces a sharp selling pressure a financial market participants expect the Reserve Bank of Australia (RBA) to cut interest rates again in the remainder of the year. RBA dovish bets have intensified as inflation in Australia has come to near the central bank's desired range of 2%-3%.

Earlier in the day, the People's Bank of China (PBoC) held . Chinese monetary policies significantly influence the Australian Dollar, given that the economy relies heavily on its exports to Beijing.

Meanwhile, investors await the preliminary Australia-United States (US) private sector Purchasing Managers' Index (PMI) data for August, which is scheduled to be published on Thursday.

In Wednesday's session, investors will focus on Federal Open Market Committee (FOMC) minutes of the July policy meeting, which will be published at 18:00 GMT. In the policy meeting, the Fed kept interest rates steady in the range of 4.25%-4.50% and stated that a "wait and see" approach is optimal amid less clarity over the likely consequences of tariffs on inflation and the economy.

Ahead of FOMC minutes, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trades close to the weekly high around 98.00.

stated