The Aussie Dollar ended last week pretty much where it began against a USD; not a particularly great achievement given the USD’s weakness. In one of the quietest weeks in recent memory, AUD/USD remained stuck in a range of less than 60 pips from 0.7636 to 0.7694 before ending at USD0.7659. The AUD/CAD cross rate, meantime fell from 0.9760 at the beginning of last week to end on Friday in New York around 0.9715; its lowest close since October 11th. For the AUD, a new monthly round of incoming economic data now begins for the RBA to then consider at their last meeting of the year on Tuesday December 5th. This kicks off with the NAB Business Survey tomorrow, then Wednesday it’s the quarterly wage price index and Thursday it’s the employment and unemployment numbers. Like most Central Banks around the world, the RBA has been a bit puzzled as to why falling joblessness hasn’t so far boosted earnings growth. And, like all the others, it just says “give it time, it will happen”. Interest rates in Australia aren’t going to move much, if at all, until wages actually do pick up. Indeed, RBA Assistant Governor Guy Debelle made exactly this point in a speech on business investment today: ““Are we just going to jack up rates to see how the household sector lives with that? I don’t think so,” he said. Expect to see the AUD remain under pressure unless significantly better than expected economic numbers come to its rescue.