Australian Economy Australian recession Commodities Global Macro

Mining GFC begins in earnest

Monday, 14 December 2015

It may have been the yuan devaluation, the collapsing oil price, or something else, but the Mining GFC took a sharp turn for the worse on Friday night. The US dollar was firm but didn’t do much:

But commodity currencies were hammered anyway, especially the South African rand as it begins to follow Brazil into corruption Hell after firing its FinMin:

Base metals actually firmed:

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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.