AUD Retreats from Multi-Month Highs Ahead of RBA Minutes

The Australian Dollar (AUD) pulled back from its recent multi-month highs against the US Dollar (USD) on Monday, as market participants turned cautious ahead of the Reserve Bank of Australia's (RBA) meeting minutes release.

The AUD/USD pair traded around 0.6650, having touched levels near 0.6700 last week, its strongest since early February.

Investors are keen to see whether the RBA discussed easing in the near term or remaining concerned about persistent price pressures, as Australia's inflation rate stands at 3.4%, above the RBA's 2-3% target band.