Mirroring the lack of front end direction in AU/US rate spreads, AUD/USD is still trading in 0.70/0.74 range. This spread is likely to narrow from both sides over coming three months, sending the pair lower. 

"Our official forecast calls for two more cuts from the RBA in H1 2016 though there is a higher risk now that those cuts are delayed. Recent datahave been very positive", says RBC Capital Markets in a research note. 

The labor data was particularly solid, though there are sample rotation effects. But as other data on output growth are also modestly stronger, the central bank might choose to wait.

Q3 GDP reversed back after Q2 though the underlying details show softer domestic demand. net exports gained 1.5% to headline growth, but at least in part that was unwind of Q2's weather weakness.

There was pick up in service exports but they still account for just 15% of total exports. Goods eports are still dominated by resources. In real terms, there might be rise in export volumes and Australia might be world's best exporter in coming years.