The Australian dollar traded around $0.647, hovering near its lowest level in six weeks, as investors assessed the Reserve Bank’s ongoing debate over how restrictive policy really is. Assistant Governor Sarah Hunter's comments highlighted that the central bank is reassessing three key shifts in the economy, including how firms are setting prices after the pandemic, how tight the labour market still is, and changes in policy transmission given the stronger-than-expected housing response. Hunter also cautioned that monthly inflation figures can swing widely, signalling the RBA won’t draw firm conclusions from a single data point. With policymakers unsure if the 3.6% cash rate is exerting enough restraint to return inflation to target, the AUD remained under pressure. Investors now await upcoming PMI figures today for further clues on the economy’s health. Elsewhere, a stronger US dollar added to the downside, after FOMC minutes showed multiple members were against more cuts this year.