Sell the Italian referendum, buy the “no” fact

Tuesday, 6 December 2016

Last night the USD consolidation turned into a rout as the Italian referendum loss memories of “bad news is good news” when it comes to central bank largesse. Zombieuro took off:

Commodity currencies roared:

Gold still struggled to catch a bid:

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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.