Australian dollar sickened by China contagion

Wednesday, 28 July 2021

DXY eased last night as we approach Fed day tomorrow. We’d better hope that the Fed doesn’t rev up taper or all hell is going to break loose in EMs. EUR rallied:

The Australian dollar was hit pretty hard on the crosses:

Gold and oil were both soft:

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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.