The Australian dollar fell below $0.71, but remained near a ten-week high as investors weighed the Reserve Bank of Australia's latest remarks and soft quarterly wages data. Australian wages rose at a moderate pace for a fifth straight quarter in the June quarter, as annual growth in the private sector slowed to its lowest level in four years. The softer private wage growth could ease some pressure on the RBA to tighten policy, although Deputy Governor Andrew Hauser warned that the central bank may need to raise rates again if upside inflation risks crystallize. He highlighted the Middle East conflict, the global AI boom and weak productivity as key risks to inflation. The RBA kept its cash rate at 4.35% last week after raising rates by 75 basis points since February to contain persistent price pressures. Meanwhile, the greenback remained broadly weaker, as markets pared back expectations of further Federal Reserve interest rate hikes following a series of weak US economic data.