Weak US growth throws markets into spin

Monday, 1 August 2016

US GDP came in well below expectations on Friday night, pulling the rug from under Fed tightening. The US dollar was pole-axed:

All other major currencies took off, the yen especially after the BOJ fizzer:

Commodity currencies flew:

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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.