Australian dollar defies limit down iron ore

See the latest Australian dollar analysis here:

Macro Afternoon

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.

David Llewellyn-Smith
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