There was evidently nothing for the US Dollar in what was a ‘’goldilocks’’ US Employment Report on Friday. Fears of 4 rates hikes from the Fed this year have receded while risk sentiment is back firmly in the ascendency for now at least. This turned recent mild headwinds into tailwinds for the AUD, making it the second strongest currency on Friday and the best performing G10 currency on the week with a gain of just over 1%. Further gains are in prospect against this backdrop, one caveat to note being that iron ore and coal prices continued to fall back on Friday with iron ore now off 5.7% over the week, steaming coal down 3.4% and coking coal by 2%.
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For anyone following my Platinum Service it made 20 points on Friday yesterday and is now ahead by 925 points for March, having made 2256 points in February, 879 points in January, 946 points in December, and 823 points in November. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points.
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