New Zealand Labour cost index (QoQ) falls to 0.4% in 1Q from 0.5%

The EUR/AUD closed the session up 52 pips at 1.2749. At one point the pair traded as high as 1.2814 but was again rejected at higher levels for the second day in a row. It will be a busy session of economic releases with AUD House Price Index and Trade balance both due out at 1:30GMT. However, volatility will most likely really pick up when the RBA Rate Decision is released at 4:30GMT.