A speech by RBA Assistant Gov. Christopher Kent late Tuesday, titled "Australia's Economic Transition - State by State," gave the Australian dollar a lift, said Elias Haddad, senior currency strategist at the Commonwealth Bank of Australia.

Mr. Kent reiterated the RBA's view that about 80% of a decline in Australian mining investment has been completed and the terms of trade "will shift from substantial headwind of recent years to a slight tail breeze" for the economy, Mr. Haddad added.