See the latest Australian dollar analysis here:
The Australian dollar is up a little today as the RBA described a deteriorating property market. Not sure how that makes sense:
Bonds worked it out a little better being well bid:
XJO is down moderately despite rising US futures:
That may be because iron ore is limit down in Dalian:
Coking coal is a little better:
Which has started to weigh on WBC’s fair value model for the AUD:
And has taken Big Iron to the cleaners:
While Big Oil has gone to the woodshed:
Big Gold is off:
But Big Banks are still getting some dead cat action as falling yields boosts their appeal:
Big Realty can’t catch a bid though:
It’s all a bit schizophrenic today.
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.
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It used to be called moral hazard