The Australian dollar traded around $0.650, moving sideways near a two-week low, as investors weighed the RBA’s hawkish stance against cautious global risk sentiment and a firmer US dollar. Minutes from the RBA’s November policy meeting showed the central bank could hold rates steady for an extended period if data continues to surprise on the upside. Latest data showing steady Q3 wage growth, alongside last week’s upbeat jobs report and a sticky inflation reading, reinforced expectations that the easing cycle is over. Swaps imply just a 50% probability of a final RBA cut in May next year. Meanwhile, the Aussie, often used as a proxy for risk due to Australia’s reliance on commodity exports linked to global growth, remained under pressure after global stocks fell on concerns about lofty artificial intelligence valuations. A stronger US dollar added to the downside as investors tempered expectations for a near-term Federal Reserve rate cut while awaiting key economic data.