The AUD/USD pair retreats from its intraday high of 0.6550, losing most of its gains amid weak performance by both the Australian Dollar and the US Dollar.
The US Dollar Index corrects to 106.80, pulling back from Friday's two-year high of 108.00.
Investors will watch the US Personal Consumption Expenditure Price Index on Wednesday for clues on future Fed interest rate decisions.
October’s core PCE inflation is expected to rise to 2.8%, up from 2.7% in September.
Australia's CPI data for October, due Wednesday, is expected to show an increase to 2.3% from 2.1% in September.
The CPI outcome could shape expectations for the RBA interest rate path in the coming months.
The RBA is projected to keep its Official Cash Rate steady at 4.35% through year-end.
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