A pansy Fed hit the US dollar though I put it to you that were it not for Brexit it would fallen a lot more:
Yen is firm, euro weak:
Commodity currencies all jumped:
Gold launched and is threatening to break out:
Brent oil is weak:
Base metals has a Fed moment:
Big miners enjoyed a suicidal squeeze higher:
But US and EM high yield held up:
US bonds were heavily bid and shares sold.
It’s Mining GFC and Brexit versus a Fed with no gumption. If Brexit is a fizzer then the commodity complex will launch. If Brexit gets a yes then even oil is going to be in trouble it seems. And if oil goes, then expect markets to enter crisis.
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.
Latest posts by Houses and Holes (see all)
- Scummo threatens to blackout Victoria on his power price fail - November 18, 2019
- APRA transparency drive - November 18, 2019
- Westpac: Wages are about sink - November 18, 2019