06 June 2016 at 1:25 GMT
The Australian dollar rallied into the close on Friday bouncing higher following softer than anticipated US labour market data. The world’s largest economy added just 38,000 Jobs through May, its slowest pace of labour market growth in over 5 years. The poor print all but cancelled out any chance of a June rate hike and severely hampered market expectations for a policy shift in July. The Aussie dollar stormed through 0.73 U.S cents rallying some 130 points and touching intraday highs at 0.7370. Attentions now turn to The RBA and Tuesday’s rate announcement and accompanying monetary policy statement. With a strong expectation the board will refrain from cutting rates across consecutive months attentions will be broadly drawn to the accompanying policy statement for direction and affirmation the RBA will maintain its bearish bias.