The Australian dollar wiped out early gains during Asian foreign exchange trading on Tuesday (November 3rd) after the Reserve Bank of Australia (RBA) moved ahead with a 25 basis point interest rate hike.The cash rate now stands at 3.5 per cent after two consecutive hikes. Reuters reports that trading volumes were down during early trading due to a public holiday in Japan, with fluctuations magnified by the light volumes.Although the RBA had been broadly anticipated, foreign exchange traders are now pondering the likely direction of further statements from the central bank, with some quarters expecting more hawkish moves in the months to come.Sue Trinh, currency strategist at RBC Capital Markets in Sydney, told her clients in a research note: "All in all, the statement remained consistent with a softly softly approach and there was absolutely no sense the RBA will become more aggressive and hike by 50 basis points any time soon."