AUD/USD appears oversold below 0.65 relative to where Asian currencies and commodity prices are, DBS’ Senior FX Strategist Philip Wee notes.

RBA to issue minutes for the November 5 meeting

“We expect no surprises in tomorrow’s Reserve Bank of Australia minutes for the November 5 meeting. Last Friday, RBA Governor Michele Bullock confirmed it would be some time before inflation returns sustainably to the 2-3% target.”

“Although CPI inflation fell to 2.1% YoY in September, trimmed mean inflation remained high at 3.2%. The unemployment rate was unchanged at 4.1% for a third month in October after peaking at 4.2%. The futures market sees the RBA delaying rate cuts to 2Q25.”