Australian dollar resumes tumble

Friday, 12 September 2014

Just say no to yesterday’s crazy ABS jobs report is the market’s theme for the dollar this morning as it breached 91 cents overnight. Against developed market currencies we have a good sell off underway, though it’s not broken any trends beyond the US dollar (especially that weak-arse yen!):

Against commodity currencies we are weakening too but again not enough to declare anything decisive:

The falls appear to be both specific and general. There’s no real “risk off” but the rampant US dollar is certainly playing its part with gold also breaking down and headed for a retest of its $1180 low:

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.