Australian dollar briefly bashed by weak GDP

The Australian dollar was briefly bashed by weak GDP before catching another bid. Every recent dip has been bought, presumably on some wayward global reflation trade (incorporating a US/China trade truce). Even so, the battler is forming a distinctly bearish descending triangle pattern:

Bonds soared on crapola GDP and also appear posed to break out:

XJO loved it as the world’s least attractive and overpriced bourse powers on:

Dalian is a nothing burger:

But that hasn’t stopped Big Iron:

Big Gas refuses to see the obvious Labor risk:

Big Gold is still in my dog house on a strong DXY:

Property paralysed banks are still rising on the yield trade:

Big Realty is bifurcating with REA tracking the tech rally while others roll:

Frustrating stuff.

David Llewellyn-Smith is chief strategist at the MB Fund and MB Super which is long international equities and local bonds that will benefit from a weakening Australian economy and dollar so he is definitely talking his book.

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  1. GeordieMEMBER

    Can’t say I’m enjoying investing in the ASX at the moment. It really is a merde sandwich.