Australian dollar smacked as China stoush explodes

The Australian dollar has reversed its overnight gains as the China stoush explodes:

Bonds are bid:

XJO is struggling to hold its breakout line:

Big Iron is soft. If push comes to shove for iron ore blockades then it’s the marginal juniors that are in the gun:

Big Gas is recovering:

Big Gold is firm:

Big Banks are in a classic L-shaped recovery. Anyone that can explain to me how the credit-addled Aussie household will recover without the banks, I’m all ears:

Big Realty seems to know. Or maybe it’s just rising because there’s no more house prices to bother it at all:

Mostly I still think that this China brouhaha is rhetorical, sadly.

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About the author

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.