Australian dollar slips as RBA Chair Lowe's remarks continue to weigh

Australian dollar fell slightly against the greenback as the impact of recent remarks by the Reserve Bank of Australia's Chairman Philip Lowe continued.

Reserve Bank of Australia President, Philip Lowe, said on Thursday that regardless of more interest rate cuts, the pace of borrowing in the country was facing pressure at or below current levels of interest.

The central bank cut the interest rate to 1% in July after dropping from 1.5% to 1.25% at the June meeting amid expectations of more interest rate cuts in response to a fall in inflation.

Many of the world's central banks are moving towards a rate cut to counter signs of a slower economic growth in recent times.

The most prominent of these banks are the US Federal Reserve, which will hold a meeting on Tuesday and Wednesday to discuss its monetary policy with expectations of a reduction.

In terms of trade, by 15:33 GMT, AUD/USD fell by 0.1% to 0.6904, with a high of the day at 0.6917 and a low of 0.6894.