The AUD opened at 0.70890 against the USD, coming down from a 1 day high of 0.70952 earlier in the morning. This drop, caused by the release of the RBA Monetary Policy statement, was just the next of many events that punished the AUD in the past week. RBA Governor Lowe announced Friday that they would shift its monetary policy from its long-standing tightening bias to a neutral stance, and downgraded its growth forecasts.
The next macroeconomic releases are scheduled for Tuesday and Wednesday, with the Australian Bureau of Statistics releasing their Home Loans day, showing the change in number of new loans granted for owner-occupied homes. Major banks NAB and Westpac will also release their own data regarding business confidence and consumer sentiment respectively.