The Australian dollar depreciated to around $0.71 on Monday, marking its third consecutive session of losses and hitting its lowest level in nearly three weeks, as investors continued to favor the safe-haven US dollar amid uncertainty over US–Iran peace negotiations. President Trump warned that “the clock is ticking” for Tehran to reach a deal, while Iran’s Mehr News Agency said Washington had offered “no tangible concessions” and continued to demand unacceptable terms. Domestically, attention is now turning to the RBA’s meeting minutes later this week for further clues on the policy outlook, after the central bank raised its cash rate by 25 bps to 4.35% in May. Investors are also watching remarks from Sarah Hunter, who is expected to remain cautiously hawkish and keep rate-hike options open if inflation stays high. Meanwhile, the April labour market report will be closely monitored for signs that higher rates and fuel costs are weighing on demand and economic activity.