Australian dollar sags with inflation bust

Tuesday 29 June 2021

Forex markets are threatening to continue the recent trend reversals as the US dollar rises and all else falls. DXY has held its recent gains and looks like it wants to go higher off its EUR double bottom:

Australian dollar rejected the high 0.75s, former support turned resistance, but not decisively. It was weak on all crosses:

Oil fell sharply, gold is marking time:

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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.