Australian dollar crashes with commodities

Friday, 18 June 2021

Sometimes markets are like taking candy from babies. The Wall Street commodities bubble is bursting. The inflation trade is caput. The Australian dollar is getting poleaxed by both. DXY has a double bottom in place and is off to the races as EUR is smashed:

The Australian dollar mega head-and-shoulders top just broke. I would like to see follow-through for a few days to be sure. AUD/JPY stepped through a trapdoor:

Gold is being murdered, oil joined the commodities bust for a day:

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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.