The Aussie got off to a slow start, with no domestic economic data published last Friday week and the Queen's birthday holiday on Monday. Tuesday's 1% monthly increase in mortgage lending had minimal impact on the currency. 

On Wednesday the Reserve Bank of Australia governor said in a speech that the RBA is still "open to the possibility" of further interest rate cuts. His comment sent the Australian dollar lower but not for long, because Thursday's employment figures were much better than expected: 42k people found new jobs in May and the rate of unemployment fell to 6.0%.

With the RBA governor and the employment figures cancelling out one another the Aussie had only a mediocre week. It strengthened by half a cent against the euro and added third of a US cent but lost a cent to sterling.