The one great thing about markets is they always offer second chances. A prime example is Australian bond and dollar pricing today. If you’ve been looking for a bullish entry point on the former or bearish entry point on the latter then here we are.
For the moment markets are pricing out imminent Fed rate hikes and a deteriorating China. There’s much more evidence for the former than the latter and, in truth, neither is going to last very long, but the narrative is throwing up some healthy reversals.
The Australian dollar took off 2% last night and breached 80 cents once more:
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