Australian dollar slips, ASX loves it

The AUD/USD is off with a little more conviction today as the market digests crashing building approvals. A volatile segment to be sure but there are mounting signals from the sector that the Chinese plus local specufestor withdrawal is not pretty:

The bond bid is back too and spreads to the US keep banging wider withe two year now at 14bps:

XJO is lovin’ the bad data:

Dalian is stable:

Big Iron is firm:

Big Oil too for no reason:

Big Gold is off:

Big Sleazy up on the bond bid:

And Big Puswad:

Good to see MEA falling off the chart.

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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.