The Resources sector delivered a strong 7.5% return during the month, which compared favourably to Industrials which declined 3.0%. So why the bounce in resources? The sector rallied for a number of reasons. These included safe-haven flows supporting gold, additional central bank easing in Japan, and expectation of additional stimulus from Europe and China, combined with just the hint of potential supply cuts from OPEC. But the key underlying driver was the weaker USD which declined 1.4% in the month.