The Australian dollar strengthened past $0.655, reaching its highest level in over two weeks, supported by robust economic data that has heightened expectations of potential interest rate hikes by the Reserve Bank of Australia. The manufacturing PMI climbed to a three-month peak in November, while ANZ-Indeed Job Ads declined at a slower pace, reflecting softer hiring demand. Last week, the first full monthly price release revealed that price pressures remain elevated, with the headline inflation rate rising to a seven-month high and the trimmed-mean inflation exceeding expectations. Market attention is now turning to this week’s third-quarter GDP release, with forecasts suggesting that strong economic growth could intensify speculation of a rate hike in early 2026. Externally, the Australian dollar received further support from the weakening US dollar, as markets now price in an 87% chance of a 25bps cut at the Fed’s policy meeting next week.