The Australian Dollar began last week on a two week high, off the back of some disappointing US retail sales data for September, which missed economists’ expectations and softened the greenback against the AUD.
Tuesday saw the highly anticipated Reserve Bank of Australia (RBA) Monetary Policy Meeting Minutes which showed that policymakers are still concerned about tightening lending standards. As such, the central bank maintained the cash rate at a record low of 1.5% and looking forward, it seems unlikely that said rate will be changed until at least 2020.
Elsewhere during the week, the Australian employment report for the month of September showed the economy added a total of 5.6K new jobs, missing the market's expectations of 15.0K. However, full-time employment was up by 20.3K, with a decline in part-time jobs. Australia’s unemployment rate fell to the lowest since April 2012, printing 5.0% vs. the previous 5.3%, with the participation rate down to 65.4% from 65.7%. The Aussie finished the week softer against its US counterpart, closing at the 0.7119 mark.