The Australian dollar traded around $0.70, near an eight-week low, as investors awaited the Reserve Bank of Australia’s monetary policy meeting on Tuesday. Markets had largely priced in a 25-basis-point rate hike to 4.60%, with persistent inflation, high energy prices and domestic excess demand supporting the case for tighter policy. Governor Michele Bullock said upside inflation risks may be materializing. The currency fell 1.4% last week for its third straight weekly decline and its largest drop in three months, pressured by a stronger US dollar and elevated US Treasury yields after the Federal Reserve raised rates earlier this month and indicated further increases were possible. Oil remained above $100 per barrel amid uncertainty over a possible US-Iran truce.