The ASB Commodity Price Index continued to press higher in USD terms last week, but eased slightly in NZD and SDR terms as the NZD rose further against the USD.

This week we have seen a significant correction in prices for several commodities. The CRB index dropped around 5% on Thursday 5th, and oil dropped $10 per barrel to trade below $100. NZD and AUD suffered in the risk averse trading, and both slipped several cents from recent highs against the USD this week.