Last week, After the release of strong domestic employment data figures, the Australian dollar surged back towards parity with its US counterpart.
The Australian dollar had risen to 99.54 US cents in late afternoon trading. Just before the data was released, it was trading at 98.97 US cents.
The Australian Bureau of Statistics had recently released employment data that showed there were 38,900 more people who had found jobs in May.
However, there was an increase of 0.1 per cent to 5.1 per cent in the unemployment rate, as economists had forecast.