Morning part of Tuesday's session was marked by RBA Meeting Minutes. According to the RBA Meeting Minutes Board continued to see Australian dollar as too strong given economic conditions, thus repeating its previous view. Members noted that further depreciation of the exchange rate seemed to be both likely and necessary, particularly given the significant declines in key commodity prices, and that such an outcome would help to achieve more balanced growth in the economy and assist with the transition to a lower terms of trade. Furthermore, the strong Australian dollar and federal spending plans are the key variables in assessing the case for a further rate cut from a record low 2%.

Wednesday's session brought Westpac consumer sentiment data from Australia. Westpac consumer sentiment index rose a seasonally adjusted 6.4% in May, from April when it fell 3.2%.The index reading of 102.4 was 10.1% higher than in May last year."It is the first time since February this year that the Index has been above 100, the point above which optimists outnumber pessimists. It is the highest level of the Index since January last year," said Bill Evans, Westpac's chief economist."Clearly, the two driving forces behind this boost have been the Federal Budget and the interest rate cut." 

There were no major data releases from Australia on Thursday, but from China Manufacturing PMI figures were released. China's Manufacturing PMI rose to 49.1 in April, but missed expectations on incline to 49.4 points. The Flash China Manufacturing PMI pointed to a further deterioration in operating conditions in April, with production declining for the first time in 2015 so far. Moreover, softer client demand, both at home and abroad, along with further job cuts indicate that the sector may find it difficult to expand, at least in the near-term, as companies tempered production plans in line with weaker demand conditions.

Next week markets will be looking at:

Construction Work Done (Wednesday 3:30)

Private Capital Expenditure (Thursday 3:30)