• AUD/USD falls to 0.7125 as Nikkei's fourth consecutive down-day weighs on AUD

• Australian dollar is risk-sensitive. 0.7125 is 6.9 pips above Monday's May low

• 0.7177 was Asian session high (0.7183 was Monday's high)

• RBA saw space to assess impact of Gulf conflict after May rate hike

• Hunter says RBA worried higher energy costs could quickly lift consumer prices

• Australian April employment data due Thursday; +15k f/c. Jobless rate f/c 4.3%

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(Robert Howard is a Reuters market analyst. The views expressed are his own)