The Australian dollar remained under pressure below $0.650, holding near two-month lows amid growing bets of a near-term rate cut by the Reserve Bank of Australia. Recent data showed a surprise uptick in the jobless rate to a near four-year high in September, pushing markets to price in a 70% chance of a 25 bps reduction, up from around 40% last week. Attention now turns to upcoming economic data for signals on the central bank’s November move, including flash PMI figures this week and the key Q3 CPI report next week. Meanwhile, the AUD's downside may be limited after a breakthrough between US President Donald Trump and Australian Prime Minister Anthony Albanese, who signed a critical minerals pact aimed at reducing reliance on China and potentially channeling billions of dollars into local mining projects. Markets now closely monitored US-China trade developments ahead of a planned Trump-Xi meeting in South Korea.