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The Mining GFC has either entered a new phase or markets are once again deluded. The “decoupling” I noted between oil and the rest of the commodities complex yesterday is now in full roar. Can one rise while the rest fall? Let’s see.
The US dollar eased from new highs:
Euro and yen were a mirror image:
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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.