The Australian dollar traded around $0.645, its weakest in three months, as some strength in the US dollar offset the impact of a hawkish RBA. Minutes from the FOMC showed multiple members were against more cuts this year, supporting the greenback against G10 currencies. Likewise, the RBA’s November minutes showed the central bank could hold rates steady for an extended period if data continues to surprise on the upside. 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 and slowing imports of raw materials from China.