AUD/USD flows: Lower before RBA

The RBA interest rate decision will be announced around noon and we are forecasting no change to rates. Not only the Q3 CPI rises to the upper band of target range at 3%, private monthly CPI for October is showing no signs of moderation, pushing back expectation of any imminent cut. Given the current trajectory on inflation, it is possible the next cut we see will be in Q1 2026.

AUD/USD is trading 0.11% lower at 0.6530.