What a week. The market was enlivened by talk of a devaluation in Latvia, a report claiming that end of the dollar was nigh and plenty of jawboning from central bankers and government officials in Istanbul. I often wonder if those in charge of FX rate management would be better off standing on their hands and talking out of their nether regions. It is a question I have sometimes asked. Obviously, nobody has replied.
However, when history looks back on this week, it will likely see that the most significant event was the decision by the Reserve Bank of Australia to raise its key rate by 25 basis points to 3.25%,
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