The Australian dollar tread water before the conclusion of a Reserve Bank of Australia meeting on Tuesday, where the central bank is widely expected to leave rates unchanged

Most Asian currencies kept to a tight range on Monday, extending a muted performance.

The Australian dollar tread water before the conclusion of a Reserve Bank of Australia (RBA) meeting on Tuesday, where the central bank is widely expected to leave rates unchanged.

The yen languished at its weakest levels in nine months as markets remained largely dovish on future interest rate hikes by the Bank of Japan (BOJ). But a market holiday in Japan kept Asian trading volumes thin.

The Australian dollar’s AUD/USD pair moved in a flat-to-low range on Monday, with focus squarely on the RBA’s decision on Tuesday.

The central bank is widely expected to leave rates unchanged and present a hawkish outlook, especially after inflation read stronger than expected in the third quarter.

While the RBA had cut interest rates steadily this year, it was seen turning slightly hawkish in recent months due to sticky Australian inflation and resilience in the labour market. Comments from Governor Michele Bullock will be closely watched for more cues.

Broader Asian currencies moved little on Monday, amid thin trading volumes and a dearth of immediate cues.

The yen’s USD/JPY pair was flat around 154 yen, and remained near its highest level since early-February.

The yuan’s USD/CNY pair stayed around 7.116 yuan, having increased marginally after touching a one-year low last week.

Private purchasing managers index data showed on Monday that China’s manufacturing sector grew much slower than expected in October. But the sector remained in expansion, contrasting government PMI data which showed a contraction.

The Singapore dollar’s USD/SGD pair gained 0.1%, while the Taiwan dollar’s USD/TWD gained slightly.