Friday’s price action was pretty boring, with nothing of note occurring. Well, not nothing I guess. Commodities took another hit, with copper the key underperformer falling 2.5 per cent, while crude was down 0.8 per cent ($104.7) and gold fell about $7. No doubt JP Morgan’s decision to exit physical commodities trading (announced Friday night) is hurting sentiment here, as is the wider regulatory crackdown in the sector. But increasing regulation is the new normal.
Apart from that though there was nothing – the major US stocks indices were effectively flat, while moves in forex were subdued as well. The Australian dollar was unchanged broadly at 0.926, the euro was at 1.3287, while the yen is at 98.05.