DXY firmed last night as EUR fell:
It was wall-to-wall Australian dollar carnage:
Gold was bashed:
And base metals:
Big miners fell at last:
EM stocks too:
But junk was OK:
Treasuries pulled a Costanza:
As did bunds:
The global industrial economy is slowing fast as Chinese demand fades away. Europe is leading the way, with Germany in particular in free fall with the new flash PMI:
Though the services sector bounce helped the wider composite:
The US is slowing too just not as fast, with regional PMIs suggesting a big fall in the ISM ahead:
Either way, Europe is slowing faster and deeper than the US and the ECB is further behind the curve in responding as usual as well so I continue to see the EUR pressured and, by extension, the AUD.
That’s before we even begin to fathom the depths of China’s growing trade war Downunder and looming rate cuts.