Australian recession Commodities Global Macro

Mining GFC simmers on

David Llewellyn-Smith

Thursday 10 March 2016

The US dollar fell a little on pre-Draghi jitters:

Commodity currencies all lifted and are at the verge of a big breakout in Brazil:

Brent recovered but is still struggling to go higher:

Base metals consolidated:

Miners too:

And US/EM high yield eased up but is still struggling capping any further wider rally:

The big one is the ECB tomorrow. If it disappoints expectations of moar then the US dollar fall sand commodities fly again. If it delivers moar then the opposite.

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.