Australian dollar well bid as markets belted

David Llewellyn-Smith

Wednesday, 29 May 2019

The Australian dollar is still well bid in the low .69s this morning:

Even as bond yields crater:

XJO is cruising for bruising at 16.2 x forward earnings, discounting only iron ore and housing booms ahead:

As it chases yield uber alles:

Dalian volatility keeps rising:

Big iron is off:

Big Gas more so:

Big Gold is hanging in there:

The Big Bank spike has flamed out:

But Big Realty is still partly bid:

Go long MEA (sarc)!

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.