MacroBusiness Access Subscriber Only Content See the latest Australian dollar analysis here: Australian dollar is back at the lows: Gold firmed as oil was hammered again: Metals survived as China mulls RRR cuts: Miners popped on same: The FOMC minutes from the June meeting revealed early discussions about QE tapering, but there did not appear to any urgency in starting the process. Although “various participants mentioned” tapering conditions to be met “somewhat earlier” than anticipated, “several” emphasized a “patient” approach. The committee’s standard of “substantial further progress” was generally seen as not having yet been met. US JOLTS job openings rose to 9,209k in May – a record high, although that was shy of the 9325k expected, and April was revised lower from 9286k to 9,193k. The hiring rate fell to 4.1% from 4.2%, and the quit rate fell to 2.5% from 2.8% (was 2.7%). The report is consistent with skill mismatches amid pandemic dislocations, with record job openings but over 1 million unemployed job seekers.