See the latest Australian dollar analysis here:
The Australian dollar was smashed this morning as expected and has since bounced off the 10 year low of several weeks ago:
Bonds are back at and through the highs:
XJO is down moderately but is well above its rising trend line. It has room to fall a long way before we’d even call it a gummy bear:
Iron ore took its time but began to break down this arvo:
Big Iron is at new lows, except FMG which is a peachy short:
Big Gas is OK but oil is on the chopping block as global growth fades:
Big Gold is strong but over the top:
Big Banks have resumed the bear market:
Big Realty is bullet proof:
A notion that is going to be tested.
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.
- Nev Power’s great gas fakening - June 5, 2020
- Daily iron ore price update (June risk rises) - June 5, 2020
- Services PMI shows Aussies slow out of lockdown blocks - June 5, 2020
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https://www.xe.com/currencycharts/?from=USD&to=CNY&view=1D
RMB devalued again
Screw the RMB. 2yr-10yr US Bond yields just inverted again.
The plunge protection team will be flat-out tonight.
Good time to be long USD and even Euro.. atm..
go aussie
Its going to be great to be able to run carry trades out of Australia without worrying about cross-currency swap rates.
Steve bannon says war
And what’s steve bannon good for?
Absolutely nothing. Hoo Har..