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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