Australian dollar crashes into 60s as EMs tank

Thursday 24 September 2015

Australia’s freshly minted emerging market (EM) economy powered downwards again last night with the South Pacific Peso taking a bullet back to the 60s (currently at 69.98):

Against developed market economies we are now universally deflating as the world cottons onto the Straya is toast meme! As I say, keep loading shorts on the rebounds.

It’s not so good versus commodity producers, however:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.