The Australian Dollar got off to a flying start this week, initially gaining following the signing of a new China-backed trade deal at the latest ASEAN summit.
These gains were then turbocharged by the announcement from US biotech firm Moderna that its coronavirus vaccine had proved 95% effective in phase three trials.
This, unsurprisingly, was cheered by investors, who piled into the AUD and other risk-sensitive assets.
However, this market optimism began to fade almost as quickly as it appeared, with surging global coronavirus cases souring the mood.
Markets were particularly concerned over the situation in the US, which passed a grim milestone with over 250,000 deaths. This overshadowed a surprisingly upbeat Australian jobs report and left AUD exchange rates on the back foot through the second half of the week.