Australian dollar pressured as risk off intensifies

The Australian dollar is grinding lower today as risk is spooked globally:

Bonds remain heavily bid:

Stocks have firmed for a mighty double top. S&P futures are down solidly:

Dalian can’t catch a bid despite new supply threats:

Big Iron is down:

Big Gas even more:

Big Gold is firm with NCM breaking out:

Big Banks bear market rally looks cooked:

Big Realty is a deer on the headlights. MEA at new all-time lows:

If the global economy rolls in any way, the RBA’s supposedly “orderly” property adjustment will be exposed for what it is: a rout.

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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.