The Australian Dollar is trading at a one week low against its US peer after the Reserve Bank of Australia’s (RBA) downwardly revised its inflation forecasts. The RBA lowered its December 2018 inflation outlook to 1.75% while striking a more downbeat note on the price outlook. According to the Central Bank’s August Statement of Monetary Policy released earlier this morning, underlying inflation is not expected to climb to the middle of its 2.00% - 3.00% target range until 2021. The trimming of inflation estimates adds credence to RBA’s view that there exists no strong case for a near-term interest rate hike. Average growth forecast for 2018 was revised higher to 3.25% from 3.00%, but that failed to bid up the Aussie dollar.