The Australian dollar shurgged off the news of the suddenly much worse COVID-19:
Bonds whimpered:
XJO came off a little and has a terrific set up for a mighty double-top but it looks more likely to just keep going. S&P futures are down modestly:
Iron ore is, amazingly, up again. There must be some restocking going because this makes no sense in context:
Big Iron registered the viral surge with a blip:
Big Gas is up with oil. I can’t see any rebound in travel in the near future:
Big Gold continues to disappoint:
The Ponzi is great place to hide:
There is some reason for the optimism. New cases in Hubei outside of reclassification fell again. But rest of China jumped and that is more of a concern.
Some of it can also be explained by a euphoric Phil Lowe:
- outlook for the Australian economy is improving
- coronavirus is having an uncertain impact, but absent the virus Oz outlook improving
- virus having a major impact on education, tourism sectors
- Chinese policy stimulus will be a positive for Australia
- low interest rates are working, going to take time
- says he is not obsessed with getting inflation back to target in a hurry
Perhaps he should be obsessed with the clear damage being wrought upon the economy before his very eyes.
