See the latest Australian dollar analysis here:
DXY was stable Friday night:
The AUD was a one way rocket:
As the record short tasted vomit for the first time:
The commodity bubble inflated:
But not iron ore miners:
The bubble has given EM stocks a reprieve:
But junk still fell:
Treasury yields backed up some more but the curve appear to be cooked now:
Which aided Growth stocks:
Nothing new here. The commodity mania intensified and will run until it burns itself out. While that happens the AUD is going higher. The record short is obviously vulnerable to a considerably larger puke with markets moderately long DXY:
And very pessimistic about AUD:
A good cleanout of bears here would be a fantastic opportunity to reload Australian dollar shorts for the coming commodity bubble pop.
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.
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