RBA sets Mining GFC ablaze

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The RBA rate cut, the soft Chines PMIs and Europe downgrading its own growth outlook were enough to end the Mining GFC bear market rally last night. The US dollar roared back as risk capitulated:

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Yen and euro roared then fell:

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Commodity currencies were hammered:

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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.