Australian recession Commodities Global Macro

Mining GFC smoulders as Fed hawks squawk

David Llewellyn-Smith

Tuesday, 22 March 2016

A couple of hawkish Fed governor comments were enough to lift the US dollar overnight:

Commodity currencies were mixed but the Aussie fell:

Brent was stable:

Base metals lifted on excitement that the Chinese equity bubble could be let off the leash with margin lending curbs lifted (yeh, go figure):

Miners were soft:

US high yield stalled but EM powered on and is approaching the downtrend line:

A rather mixed night. It’s still all about oil which is running into the danger zone. JPM makes sense to me:

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.