Macro Afternoon

See the latest Australian dollar analysis here:

Australian dollar lifts as US inflation surge falls flat

Asian share markets are all over the place again as Chinese mainland shares go back into freefall despite the solid run on Wall Street overnight, as NASDAQ futures try to reclaim the previous losses. The USD continues to firm against everything, although Bitcoin has broken free above the $52K level that has been holding it back for nearly two weeks as it looks set to revisit the former highs:

The Shanghai Composite is falling down fast going into the close, currently down 1.8% at 3359 points while the Hang Seng Index is actually up 0.5% to 28696 points. Japanese markets are re-surging however with the Nikkei 225 closing 1% higher to get back on its uptrend while the very supportive USDJPY pair has now pushed well above the 109 handle as it continues its two week long uptrend:

The ASX200 is lagging again, finishing 0.4% higher at 6771 points while the Australian dollar remains depressed below the 77 handle following the NAB Business Survey, making no headway at all going into the European session:

NASDAQ and S&P futures are up 1% and 0.5% respectively as the four hourly chart of the S&P500 shows a possible attempt to break up through the upper end of the downtrend channel tonight:

The economic calendar includes German balance of trade, but then shifts quickly to the latest GDP print for Europe which will be very currency sensitive.

Latest posts by Chris Becker (see all)

Comments

    • The Traveling Wilbur

      There is actually a quite similarly themed toats Australian movie. It was most excellent. Priscilla meets Reusa meets Sid and Nancy meets Reusa.

      The answer in that film was: Yusef.

      Kebabs form a central part of the plot.
      And shotguns.
      And some classic Aussie vehicles too.

      footsie will remember the one I’m referring to. One of the best produced films Australia’s ever made and I can’t remember the title. And of course most people won’t ever know it existed.

    • How much would I have to pay you to walk around in public dressed like Juliano Monteiro in that photo?

    • Poor Mark Reddie. Reports on crime then becomes the story. Does a great job. Tough gig. Some crimes he reports are absolutely hineous.

      I always say to the Mrs when he is on the box: ‘Mark Reddie or not, here I come!’ (in my best Bob Downe voice, of course).

  1. Where oh where is that The Traveling Wilbur cartoon …

    “skip Trumped via the ACLU…”

    Did you know struggling over weight family gardening coder that the ACUL was critical in forwarding the Citizens United decision in a amicus brief in Citizens United v. FEC, arguing that the Bipartisan Campaign Reform Act of 2002 violated the First Amendment right to free speech by curtailing political speech.

    Own goal ideological biatch … same goes for the hoofs and backside parts fan boz …

    Feck dude reality is just so hazscular … protect your cloud node … ick …

    • struggling over weight family gardening coder

      People who wear Scotch + Soda shorts and Ed Hardy T shirts shouldn’t throw stones Skippy …

      • Prove it … not that garb is an indicator of thought unless your a branded type [corp bitxhz] …. yet like last night you can’t deal with the facts and engage in pettifoggery for your past allegiances … own it … or ….

        • https://www.ncbi.nlm.nih.gov/books/NBK1289/

          The bidirectional tachycardia is defined as a ventricular arrhythmia with an alternating 180°-QRS axis on a beat-to-beat basis; some individuals may have polymorphic VT without a “stable” QRS vector alternans. The onset of arrhythmias during exercise occurs at a heart rate threshold of 100-120 beats per minute and the arrhythmias tend to worsen with increasing workload. Identification of heterozygous pathogenic variants in RYR2 or CALM1 or of biallelic pathogenic variants in CASQ2 or TRDN can also establish the diagnosis.

          I would say (once again) that fairly roundly disproves your thesis Skippy.

          • Deal with the subject matter about the ACUL and stop gaming with DNA percentages that would not even begin to understand … per se Docs might not operate until post environmental issues are resolved if something were to happen … self inflicted and a drain on GDP thingy …

  2. The Traveling Wilbur

    And… I’ve just seen Rudd’s Press Club Performance. No other word for it. Performance.

    At least I can now join with the rest of Australia and hate the little disingenuous, panto-acting horse’s arse. Wonder why it took me so long to get here?

    • hes a turd and a very driven one at that BUT he has a point, Murdoch has/is destroying the English speaking world. To think the Chinese thought he was worth spying on then they realised hes on the same side as them just for different reasons so why bother.
      The elite have always been short sighted selfish pr1cks.

      • The Traveling Wilbur

        Kevin no longer has a doughnut, let alone a point.

        After today I’d rather vote for Turnballs than Rudd.
        Thankfully, I don’t have to.

          • Ugh …. are we still living in an agrarian pre industrial western religious based reality any more – ??????

        • Like above don’t let your own cultist beliefs get in the way of anything … regardless of facts ….

          PS the best bit is claims of original thought … wheeee … another name is environmental bias which really screws with the whole notion of cognitive abilities …

          • So you can’t or won’t articulate your argument, but make thin references to things you emotively dislike … I could in such methodology ascribe you as intellectual trailer trash …

            Then again your probably too focused on getting that reinforcement in your Scotts Box experiment …

      • The Traveling Wilbur

        No shortage of candidates there.

        In fact when it comes to Rudd I can hear god thinking “How did I let that happen?”.

    • Your such a puxxie went corrected … you should have a top slot in the LNP …

      PS is your umbrage at the fact that Rudd wrote a oped that rubbished your Saint Hayek ….

  3. No wonder they are keeping Mr Biden at home……there is a lot of dementia in our family so this sort of behaviour is very familiar. This is very dangerous with the people who are in charge of the military and foreign service in the US now.

    https://www.zerohedge.com/political/embarrassing-senior-moment-biden-forgets-what-pentagon-called-blanks-secretary-defense

    The shooting is about to restart in the Donbass anytime now according to Ukrainian rhetoric and troop movements.

    • migtronixMEMBER

      And Hillary was dead 4 years ago, then she had an ankle boot monitor, then for sure she was in gitmo.

      Obama was arrested for “the biggest crime in our nation’s history” right?

      Michael Flynn was real patriot, right? Running around working for Putin and Erdogan?

      If these right-wing douchebags had got even just *one* thing right in last 4 years, maybe. They got it *all*and wrong.

  4. SnappedUpSavvyMEMBER

    Did chairman Dan slip down lindsey fox’s marble staircase this morning

  5. So the Federal Health minister gets the Covid back and 3 days later he’s in hospital with “an infection”.

  6. New Zealand: Has the housing bubble peaked ? …

    … Are you a ‘free fish frolicker’ … Charles Hugh Smith … OfTwoMinds blog / Zerohedge explains …

    Too Busy Frontrunning Inflation, Nobody Sees The Deflationary Tsunami … Zerohedge

    https://www.zerohedge.com/economics/too-busy-frontrunning-inflation-nobody-sees-deflationary-tsunami

    Authored by Charles Hugh Smith via OfTwoMinds blog,

    Those looking up from their “free fish!” frolicking will see the tsunami too late to save themselves.

    It’s an amazing sight to see the water recede from the bay, and watch the crowd frolic in the shallows, scooping up the flopping fish. In this case, the crowd doing the “so easy to catch, why not grab as much as we can?” scooping is frontrunning inflation, the universally expected result of the Great Reflation Trade.

    You know the Great Reflation Trade: the world has saved up trillions, governments are spending trillions, it’s going to be the greatest boom since the stone masons partied at the Great Pyramid in Giza. It’s so obvious that everyone has jumped in the water to scoop up all the free fish (i.e. stock market gains). Only an idiot would hesitate to frontrun the Great Reflation’s guaranteed inflation.

    Unless, of course, what we really have is a tale of reflation, told by an idiot, full of sound and fury, signifying nothing. … read more via hyperlink above …
    .
    .
    … just the start of it for New Zealanders …

    Barfoot & Thompson’s auction numbers may have peaked at the end of February … Greg Ninness … Interest Co NZ

    https://www.interest.co.nz/property/109426/barfoot-thompsons-auction-numbers-may-have-peaked-end-february

    … with Australia … and particularly regional Australia … being substantially more affordable …

    The pull of Oz: could another ‘brain drain’ be on the cards? … Mirian Bell … Stuff New Zealand

    https://www.stuff.co.nz/business/property/124449397/the-pull-of-oz-could-another-brain-drain-be-on-the-cards

    PROPERTY BOOM: House prices see fastest surge in 17 years (Core Logic) … Yahoo Finance

    https://au.finance.yahoo.com/news/corelogic-february-2021-231645049.html

    • I have it on good authority that Pearce is universally disliked by many in the NRL because he is:
      A) An inconsistent player with limited talent, and;
      B) an immature twerp off the field who can’t handle himself on the piss or keep his d!ck in his pants.

      The Knights were glad to have an excuse to sack him as captain.

      • Mining BoganMEMBER

        It’s always good when NSW pick him in origin though. Just about a guaranteed win for the maroons.

        If it hadn’t of been for that girl who dobbed him for dodgy behaviour in 2014 Queensland would have won 12 years in a row. Imagine that, there would have been NSW kiddies who went through their entire school life without seeing their side hoist the shield…and all on the back of Mitchell Pearce’s efforts.

        • The Traveling Wilbur

          Cold bro.

          Some of his drug addicted, partner smacking, bar fighting, loo bubbling, drink driving, performance enhanced by their teams teammates’ shenanigans might have contributed to the cavalcade of neverending imbuing of misery inflicted by QUEENSLAND on NSW over the last decade or so. 😀

          Allegedly.

        • Yeah I heard the QRL wanna make Pearcy an immortal for all his exceptional origin performance s.

    • And that has what socio economic relativity again – ???? – oh yeah … overweight [Texan/yank health sux [$$$$] hole] that thinks keyboards and some light gardening is a physical activity that supports mind and body albeit engages in class warfare with all not like **** him **** …

      Beer mugs in antiquity are sculptured on such ….

  7. The Traveling Wilbur

    Insight:

    Kumi: “Did you ever struggle with drinking or drugs?”

    Useful idiot #3: “Yeah, absolutely.” [fkcn dealers were always pushing up the prices].

    • The Traveling Wilbur

      And have you ever tried getting two fingers into those stupidly-tiny plastic repackagings they use?

    • No … risk increases prices E.g. legalization decreases price without monopolies in the long run … did you read the link the other day – “”””””””” – any of it dawning on you yet … own goal but needs to blame all others … where are the scapegoats …

  8. DingwallMEMBER

    And there goes Yellen, the old dear. Jawboning , everything is awesome, “She has repeatedly rejected concerns that U.S. fiscal stimulus is excessive given the economy’s signs of recovery, and that run-away inflation could damage the economy.”
    Brrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr……………… sorry can’t hear you ……………….. the printing noise is a bit excessive isn’t it! Brrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr

    • That the government always issues currency is problematic for ideologues still inhaling offal of the past …

    • Jumping jack flash

      US stimulus is the perfect size. I would go bigger even.

      Has everyone forgotten that for the past 10 years or more there has been nothing but numberwang inflation?

      Blame wage theft and crafty statisticians.

      Just release the stimulus already! Inflation will barely rise. Their system is geared to hide inflation, thats another part of the problem.

      • ErmingtonPlumbingMEMBER

        Yeah but inflation in the real economy will have the 1%ers catching up to the 0.1%ers.
        The 0.1%ers don’t want to greater share going to those 1%er plebs!

  9. DSM-5 Criteria for Narcissistic Personality Disorder

    A pervasive pattern of grandiosity (in fantasy or behavior), need for admiration, and lack of empathy, beginning by early adulthood and present in a variety of contexts, as indicated by five (or more) of the following:
     1. Has a grandiose sense of self-importance (e.g., exaggerates achievements and talents, expects to be recognized as superior without commensurate achievements).
     2. Is preoccupied with fantasies of unlimited success, power, brilliance, beauty, or ideal love.
     3. Believes that he or she is “special” and unique and can only be understood by or should associate with, other special or high-status people (or institutions).
     4. Requires excessive admiration.
     5. Has a sense of entitlement (i.e., unreasonable expectation of especially favorable treatment or automatic compliance with his or her expectations).
     6. Is interpersonally exploitative (i.e., takes advantage of others to achieve his or her own ends).
     7. Lacks empathy: is unwilling to recognize or identify with the feelings and needs of others.
     8. Is often envious of others or believes that others are envious of him or her.
     9. Shows arrogant, haughty behaviors and attitude

  10. migtronixMEMBER

    “there are 54000 jobs in regional Australia that need to be filled” – since when is it the govts job to play recruiter? Don’t these free-market dipsh#ts see the problem? Does the govt also help businesses with inventory management?

    I hate these fvcking Liberals, talentless fvcks playing Howards favourite showtunes from yesterday as they corrupt and degrade everything they touch.

      • ErmingtonPlumbingMEMBER

        It’s going to take a gargantuan PR effort for the LNP to keep enough swing voters next election.

      • migtronixMEMBER

        Yeah that’s my thoughts, yesterday he tried the carrot with the renewables and tech bs that precisely no-one bought, so now he goes the cnrt but never call it a dead-cat with these arseholes – this sort of sh#t they love to do and if they kick can Australians for not being suitably referencial – boy will they!

    • Jumping jack flash

      This!
      CPI suppression is so 2006.
      But back then we actually had inflation. These days we got nothing but smoke and mirrors to hide deflation.
      There’s a bit of a difference.
      But our leaders dont have an original thought between the lot of them. They outsource thinking to the private sector instead.