Aussie erases gains on Kent's comments

Dovish comments from Reserve Bank of Australia (RBA) Assistant Governor Christopher Kent saw a 0.3% gain in the Australian dollar against the US dollar all but wiped out on Friday. Kent said the central bank was "keeping an open mind" with regards to interest rates, following a speech on employment at the Economic Society of Australia's 2015 Business Lunch on Friday.

The central bank has kept interest rates on hold for four months, following a 25 basis point cut in both February and May.

While the RBA has not stated an explicit easing bias, RBA Governor Glenn Stevens has signaled that there could be further easing if the economy deteriorates further.

The benchmark Australian S&P/ASX 200 index gained 0.20% to reach 5,398.90 points in Sydney, after trading with early losses, with the heavily-weighted banks supporting the index, while resource stocks trading broadly lower.