However, Gold gained for a second consecutive week as rising inflation and geopolitical risks lifted its safe-haven appeal.

With interest rates hikes expected soon we expect many sectors to continue to struggle in the near future, with more pains for holders of Buy Now Pay Later stocks.

There is a concern that national spending in Australia has declined to lockdown levels with people in Sydney and Melbourne dragging the national spending as surging coronavirus cases keep them from going out.

Moving ahead there are a few releases to watch out for in the lead up to Christmas with the Reserve Bank Board minutes to be released on Tuesday, weekly payroll jobs and wages on Wednesday and private sector credit on Thursday.

Looking ahead for the Australian dollar the unemployment data on Thursday and business and consumer confidence numbers early in the week will be setting the tone for rest of the week.

While it is largely expected the RBA will make no changes to its monetary policy, the traders will be looking forward to RBA’s commentary surrounding bond yields and purchases as that would be pivotal for interest rates.

Investors are currently in shoot first and asking questions later until more is known about the new variant, the investors are also nervous about whether we will even get a Christmas rally.

Both APRA and the Reserve Bank of Australia will remain cautious before undertaking any measures that may tighten the condition of the economy any further.

Westpac shares were dumped in large numbers after it reported high expenses and full-year results missed targets.

Indian Prime Minister Narendra Modi lauded the promise of jabbing the majority of the nation’s population and taming the virus risk also added to Rupee optimism.