Australian dollar ignores bad data wave

Data has been poor in both China and at home today but it doesn’t matter much as the AUD has held the mid-0.70s as markets are now (rightly) banking on MOAR credit from China:

Bonds caught a little bid:

XJO is down moderately, not helped by Google’s after hours miss:

Dalian is up going into Labor Day holidays. May/June is the risk:

Big Big Iron is copping it again on the China PMIs:

Good to see Big Gas copping it too:

Big Gold isn’t happy:

Big Banks have paused:

Big Realty is in the dog house as the preposterous DHG rally gets slaughtered:

Overvalued, profit growthless, warnings spreading, a real dog of a bourse.

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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.