It was a fraught week for natural resources. Oil and iron ore prices were at, or close to, multi-year lows and everything connected to them was under pressure, including equities and currencies. Not all of the commodity-related currencies were affected equally: the NZ dollar, for example, managed to gain ground as a result of interest rate expectations. But the Aussie lost three quarters of a US cent and it was down by two and a quarter cents against sterling.
The highlight of its week was undoubtedly the release of November's employment data on Thursday, which showed the addition of a whopping 71k jobs with unemployment falling to 5.8%. Unfortunately, the figures were so far adrift from the negative numbers predicted by analysts that investors took them with a large pinch of salt.