It's RBA day. The decision will come at 2230 ET (2:30 pm Sydney time) and no change from the 4.35% cash rate is expected now or for awhile.

Before that, we will have some notable data with Japanese December household spending out at 1830 ET (830 am in Tokyo) and expected to contract 2.1% y/y but rise 0.2% m/m. Data on overtime pay and overall labor cash earnings are due too.

Before we get the RBA decision, the Q4 Australian data on retail trade is due as well. I can't understand why this is still being released quarterly in the digital age but that makes it particularly impactful. It's out at 11:30 am in Sydney or 0030 GMT.

AUD had a bit of a rough one in US trading, falling 0.5% or 31 pips.

Eamonn is off today so I'll be filling in.