We had a fairly subdued end to what has been a pretty eventful week characterised by additional oil market (and broader commodity price) strength linked to Donald Trump’s decision to pull out of the Iran nuclear deal, a failure of US CPI inflation to accelerate, an abrupt mid-week reversal of earlier US Dollar strength and which meant AUD pulled back up comfortably above 0.75, and a positive week for risk sentiment – Trump’s Iran decision notwithstanding – that saw the VIX closing below 13 for the first time since 26th January. For the Australian Dollar, Friday’s close around 0.7540 put it a pip or two above the previous Friday’s close. Few would have bet on it ending the week in the black after making a low of 0.7412 at mid-week.
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