Advertisement
It’s baaack. The US dollar firmed:
Commodity currencies were flat:
Brent oil took a solid hit:
Base metals too:
Advertisement
Big miners were pulverised:
And, most importantly, the US and EM high yield credit recovery has stalled, in fact, it did so a week ago:
Advertisement
The jury is out on whether this is a pull back within the larger bear market rally or it’s end but if credit can’t find its mojo again then it will be the latter.
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.