I have no idea why anyone would want to own the AUD just now but some do! As CNY is smashed the AUD is only going one way:
Bonds are bid again:
XJO is up modestly:
Dalian is weak:
But Big Iron fanboys have no idea:
Big Gas is soft on the Iran thaw:
Big is a BTFD:
Big Banks are deads cats:
Scummo’s puswads power on:
A falling CNY wrecks the global economy:
- it drives up DXY;
- kills EM exports;
- kills commodity prices;
- kills inflation;
- kills Chinese rebalancing;
- kills trade deals.
There is a reason that the AUD does not like it.
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.