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:: Australian Dollar: Yesterday's release of the RBA board minutes from the November 3 0.25% interest rate rise cast some doubt as to the scale of the current wave of Monetary Policy tightening. In the minutes the central bank said "...further gradual adjustment in the cash rate would most likely be appropriate over time, though the pace of the adjustment remained an open question." The market had been looking for more aggressive wording given the hikes already priced in for 2010 and were somewhat disappointed by the rhetoric triggering some profit taking on the AUD in Asian trade. After struggling to break through 0.9380 in the morning session the Aussie dollar drifted lower entering offshore trade around 0.9320. Euro weakness and a slight increase in demand for the Greenback saw the AUD/USD continue to decline, eventually reaching a low around 0.9240 before a late rebound sees it exchanging near 93 cents ahead of Australian Q3 Wage Cost Index data this morning.
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