ASX down 2.1% for the week, Aussie buying 63.1 US cents

The news: The ASX closed 1.2% lower on Friday, rounding out a three-day losing streak to close 2.1% down for the week. The Aussie dollar is trading at 63.1 US cents, and has given up most of its gains from earlier this week, as oil and US bond yields rallied amid rising macroeconomic and geopolitical uncertainty. West Texas has joined its Brent counterpart in the UK to trade above USD90.

The numbers: Miners led the losses today, with large caps BHP, Newcrest and Fortescue all losing between 1.5% and 2.5%, while former takeover target Liontown Resources tanked more than 30% after securing emergency funding for its flagship lithium project in West Australia.

The context: Australian quarterly inflation data comes out next week, along with manufacturing PMI figures. RBA governor Michele Bullock will address CBA's global markets conference on Tuesday night. The European Central Bank will make its monetary policy statement later in the week.