Australian recession Commodities Global Macro

Mining GFC doused by oil

Thursday, 18 February 2016

Throwing oil on fire doesn’t usually end well but it did last night as the hysterical OPEC rally doused the Mining GFC. The US dollar eased:

But commodity currencies roared:

As oil went bonkers on the OPEC non-deal:

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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.