Tuesday, 21 June 2022
Most commodity markets across the board traded into the red last week as 40-year-high inflation levels in the United States caused a large scale macroeconomic sell-off. The prompt ICE 11 contract, July 2022, traded lower last Monday, slipping to a low of 18.38 USc/lb on Wednesday before recovering slightly on Friday to the weekly high of 18.96 USc/lb.
The Australian Dollar (AUD) continued to weaken under the pressure of an almost 20-year-high US Dollar last week, as inflation remained stubborn and the Federal Open Market Committee (FOMC) was forced to hike interest rates. The AUD fell from a high of 70.69 US cents last Monday down to a low of 68.51 US cents on the Wednesday.