• The Australian Dollar gained ground ahead of the RBA’s policy decision on Tuesday.
• Australia's Judo Bank Services and Composite PMIs improved to 51.0 and 50.2, respectively, in October.
• The US Dollar faced challenges amid uncertainty surrounding the US presidential election.

The Australian Dollar (AUD) maintains its position after registering gains in the previous session following improved Purchasing Managers Index (PMI) data released on Tuesday. Traders await the Reserve Bank of Australia’s (RBA) interest rate decision scheduled to be released later in the day.

The final reading of Australia's Judo Bank Services PMI improved to 51.0 in October from 50.6 in the previous reading. This figure was above the market consensus of 50.6. The Composite PMI climbed to 50.2 in October versus 49.8 prior. Additionally, Caixin China Services PMI rose to 52.0 in October from 50.3 in September.

The Reserve Bank of Australia is anticipated to keep the Official Cash Rate (OCR) steady at 4.35%, marking an eighth consecutive pause in November. The central bank is expected to hold current rates following its policy meeting.

Traders will likely focus on the RBA’s updated economic forecasts and Governor Michele Bullock’s press conference for new insights on the potential timing of the bank’s first rate cut since its post-COVID tightening cycle.