Following Hamas' unexpected attack on Israel over the weekend, which increased geopolitical uncertainties in the region and caused traders to flee to safer assets,

The Australian dollar dropped below $0.636, wiping out previous gains.

Following the announcement of stronger-than-anticipated US employment data last week, investors also anxiously awaited US inflation data this week.

In Australia, the Reserve Bank of Australia held interest rates steady for the fourth consecutive month during its October policy meeting, keeping the cash rate at 4.1%.

The board however stated that inflation is still too high and that more tightening may be required to return inflation to the desired range of 2% to 3% by late 2025.

Despite challenges at home and abroad, the economy fared better than anticipated in the first half of this year, according to the central bank.

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