The Aussie Dollar had looked fragile ahead of the RBA Minutes which were closely examined for reasons to knock it even lower. The RBA said, “retail sales had been weak in the September quarter, which was expected to translate into lower quarterly consumption growth than in the June quarter. Members noted that the outlook for consumption growth depended on the outlook for household income growth, which remained uncertain. They discussed the possibility that households might change their consumption and saving decisions if the period of low income growth persisted”. For interest rate and FX markets, the key phrase in the Minutes was, “there was considerable uncertainty around when and how quickly wage pressures might emerge and about how much these would add to inflationary pressure. In particular, they noted that, among other factors, pressure on margins from strong competition and a faster-than-expected pick-up in productivity growth could delay the pass-through of tighter labour market conditions to inflationary pressure.” The AUD fell from USD0.7557 to 0.7533 overnight but then caught a bid during the London morning to open in North America today around USD0.7575. Against the Canadian Dollar, the AUD is also a bit higher having clawed its way on to a 76 cents handle after overnight lows around 0.9650.