Dollar on fire
Back in October there had been some discussion about whether the Aussie dollar could plunge if the Reserve Bank didn't hike interest rates urgently higher, and quickly.
The argument was that imported inflation could surge as a result.
In the event, the Aussie dollar has absolutely blazed higher from 62 cents towards 70 cents.
In reality, low interest rates weren't the main driver of the sudden spike in inflation, and the forthcoming freefall in inflation mostly won't be due to the rate hikes either.
The 3-year bond yield ticked down to 3.1 per cent.
