The main story of the prior week was the carnage across the commodity space with precious metals and energy specifically feeling the brunt of the drop. Contributing the weakness in precious metals was the continued ascent of the US dollar coupled with inflationary measures just hovering above the cusp of deflation with gold prices experiencing three flash crashes over the course of the sessions on the back of a wave of selling. Oil prices also fell as rising inventories signaled the potential for another round of supply far outstripping demand for crude. Coupled with increased deliveries from Iran, the stage is set for another tumultuous run for oil prices. In conjunction with the drop in commodity prices, the Reserve Bank of New Zealand moved to reduce the benchmark interest rate by an additional 25 basis points to 3.00% from 3.25%. Meanwhile, the UK is telegraphing the potential for higher interest rates to markets with inflation forecast to rebound faster than previously anticipated. However, Chinese manufacturing at the lowest level in 15-months is raising concerns about the health of the global economy.