Australian dollar pretends there’s no iron ore crash

There’s no iron ore crash. And another thing, there’s NO iron ore crash. So says the Australian dollar today as it rises (as it does every single day in Asia for some reason):

Bonds are bid again:

As XJO is shellacked:

The problem being that there is an ongoing iron ore crash with Dalian swooning:

Which is going to destroy Big Iron in due course. FMG is very amusing above $7:

Big Gas is OK but also headed for trouble with oil in my view:

Big Gold has blown off and corrected a little:

Big Banks are locked inside a fat declining channel:

Big Realty still believes in ScoMo though:

As iron ore falls so does fair value for the Australian dollar, via Westpac:

It is only a matter of time.

Comments

  1. Conspiracy theory #3547:Perhaps a certain country’s gov’t doesn’t want a lower poo as most of their officials and a lot of their influential citizens have property here………..

  2. Is iron ore crashing because quantity demanded cratered it because supply is up.

    It makes a difference to the AUD.

  3. Jinxed FMG, down 5% now.

    Tbh I was thinking it would hold above the 7 handle into Mondays FY Results, then pop and drop as the ‘smart’ money caught out by the degree of the reversal in IO exit their positions.

    Maybe not… lol