Australian dollar down, big iron smashed, bonds break out

Friday 31 August 2018

Those RBA rate hikes are looking more and more fictitious by the moment. AUD has weakened all morning, though is it bounce out of the China PMI:

Bonds are breaking out:

That’s preventing ASX from falling too far:

Dalian is losing last night whacko gain:

Big Iron is getting smashed with FMG in free fall:

Big Gas is firm with oil:

Big Gold is in big trouble:

Bonds are helping banks:

Big Puswad is still holding up for no apparent reason:

Goodbye RBA rate hikes.

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.