Australian dollar falls as iron ore miners wake in fright

See the latest Australian dollar analysis here:

Australian dollar smashed as “greatest ever” trade deal turns circus

Not much for for Aussie assets today as the Australian dollar falls away:

XJO is down moderately but still has a bullish chart:

Bonds are bid:

Dalian is flat so far:

Big Iron has woken in fright from discounting only lollypops and rainbows. FMG at new highs as this unfolded was truly bizarre stuff. Plenty more downside here:

Big Gas is partying on…well…something invisible:

The technical pattern I invented the other day called “four black crows” has sunk Big Gold:

Big Zombie is spewing its cut price cash:

As Big Realty rotates from REA to DHG:

Not much of a market unless you’re positioned offshore!

David Llewellyn-Smith

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.

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Comments

  1. Really want to short FMG, but I know how it will play out if I do:
    – Take position
    – Trump immediately goes full Eddie McGuire “No Deal!”
    – China freaks out and decided to rebuild the entire nation (again)
    – IO to the moon.
    – I’m wiped out.

    Sound about right?

  2. Dalian futures just spiked 2.6% for some reason. Now pulling back below 2%, but can’t find the news item that drove the move.