AUD review

The Aussie dollar lost a little ground after weaker than expected local jobs data suggested a rate cut may still be on the table. Australia unexpectedly shed 2,900 jobs in April which caused unemployment to rise a notch to 6.2%. Forecasts called for a modest gain. 

The Aussie has weathered the RBA's decision to cut rates to new historic lows of 2% quite well as the bank stopped short of signaling its easy bias remained in place. 

Markets will look for clues on the policy outlook when the central bank on Friday releases its quarterly update on inflation and growth.