Australia dollar resumes tumble as risk pukes

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DY fell sharply Friday night as EUR rose and CNY fell:

The Australian dollar resumed its decline across DMs as risk puked:

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EMs were worse:

Gold was strong:

Oil held on:

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Metals didn’t:

Nor miners. Goodbye RIO:

EM stocks fell:

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Junk lifted with oil:

All bonds fell:

And stocks too:

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The global economy keeps on slowing across countries and metrics. China is struggling to lift:

Europe is sinking still:

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The US is trailing both down:

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Trade war impacts get much worse for years yet:

Trade indicators like bunker fuel, used to to power ships, are cratering:

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And less trade means less demand for the Australian dollar. Much less:

More Australian dollar weakness ahead as risk pukes into weakening global growth.

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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.