Australian recession Commodities Global Macro

Mining GFC reheats

Thursday 2 June 2016

You can feel the Mining GFC reheating after yesterday’s poor Chinese data but it’s being held in check by oil. The US dollar fell overnight:

Yen bounced hard after Abe delayed a sales tax hike, fiscal stimulus, hinting that less monetary may be coming. I doubt it!

Commodity currencies mostly fell. Aussie was supported by its fantastical GDP strength:

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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.