November provided some excitement in financial markets, with the price of oil declining sharply to below US$70 a barrel. This had a further dampening impact on inflation expectations which helped bond markets rally a bit further. Combined with recent declines in the price of iron ore the decline in the price of oil hurt the assets of commodity producing nations such as Australia. It is no surprise then that both the Australian equity market and the Australian dollar fell in November. The $A/US$ fell to US$ 0.851 by the end of November.