According to ChainCatcher, Australian markets have experienced a turbulent week due to global instability and hawkish comments from the Reserve Bank of Australia, and traders are digesting a lot.

ANZ chief economist Adam Boyton said that while he did not think the RBA would raise interest rates, the central bank's monetary policy committee appeared to be considering the decision more carefully than market pricing indicated.

ANZ is sticking with its view that the RBA will wait until February before confirming whether it will join other major central banks in cutting rates.