Basically the USD is pulling Arnold Schwarzenegger poses at almost everything today
AUD/USD

EUR/USD

USD/JPY

GBP/USD

USD/RUB
Worth noting, though, the USD/RUB rate, pretty steady for a couple of years in the lead up to the outbreak of war, a mega surge in March, but ever after those Russian energy sales, despite the financial sanctions and energy embargoes actually mean the Russian currency is stronger against the USD now than it has been in a while.

Gold

Brent Crude

Wheat

Platinum

Copper

Australia 200

S&P 500

UK 100

Japan 225

NAS100

Latest posts by Grand Funk Railroad (see all)
- Weekend Sundries: 25-26 June, 2022 - June 25, 2022
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Thanks for the daily summary Gunna.
On another topic…what about that Barilaro eh? What a dead-set genius at working the system to pad his wealth. He looks about as smart as the lower middle third of my high school class
Lol, you beat me to it. Bloody Bruz is setting us all off
Well, the in the previous round the short-listed applicants only exceeded 3 out 4 criteria and met the 4th:
https://www.abc.net.au/news/2022-06-22/premier-dominic-perrottet-defend-john-barilaro-trade-appointment/101173196
So, nothing to see here…
spaghetti eating competition was the 4th
What competency was accounted for by the scrote?
That’s what we all want to know, what makes him such a good trade ambassador & puts him ahead of the others?
This Bruz dude is a grub. How.long can the LNP last at any level of govt when they’re so openly corrupt?
Longer than Labor. Every time.
B-b-b-b-b-but LABOR !
So long as the establishment keeps supporting them.
This article posted by Gramus last night is worth a repost.
https://meanjin.com.au/blog/scott-free-but-still-in-chains/
p.s.
Hope you’re enjoying the Jan 6 hearings Bcnich.
Good article indeed
Great read. Truth well put
Good night NASDAQ. 😉
Sleep tight!
+1 Thank you, Nurse!
Anyway, how about those crazy Germans eh.
https://www.dailymail.co.uk/news/article-10938557/100-MAN-brawl-breaks-sparked-WATER-PISTOL-prank-Berlin-outdoor-pool.html
Lucky it wasn’t in US of A
Every one would be pulling real gun
https://www.theguardian.com/us-news/2019/apr/07/waco-texas-biker-brawl-no-convictions
A Texas-sized biker brawl left nine dead. Why were there no convictions?
“Little evidence has been made public, but details obtained by the Associated Press suggested that four of the bikers were struck with bullets from .223-caliber rifles – the only type of weapon used by Waco police that day.”
‘It was just a dispute between me and 100 Mexican Federales. I said: “Show me some badges, guys . . .” They said: “Badges? We don’t need no stinking badges!”‘ Dr. Johnny Fever
lol that’s Turkey not Berlin
Germany? FMD. Hitler would be turning in his grave. So much for the Aryan race.
Omicron BA.5 starting to hit its straps everywhere…..will be interesting……Israel first as usual
https://www.timesofisrael.com/israel-sees-over-10000-new-coronavirus-cases-highest-daily-number-since-april/
Germany
https://twitter.com/thelonevirologi/status/1538860239646339072
Even Portugal who still take a few precautions
https://twitter.com/rquiroga777/status/1537241967154778112
Our deaths are staying above 50 a day now as well
It’s election in November here in Victoria, covid is barely mentioned by Daniel Andrews and Co
50% of people at work sick and no one is testing, just assuming it’s the flu/cold/whatever and pretending covid doesn’t exist.
But would Matty Guy’s IPA handlers let him make a fuss about COVID. Even Georgie Crosier, shadow for health, is under threat from the Right.
nyleta,
Not long ago DLS said that the Fed needed to break oil prices, any chance you can expand on how that would be achieved by them?
Or Dave, if you see this.
Oil’s price is set on a global level (leaving aside direct country to country deals like China-Russia etc). And oil and it’s higher processed derivatives like petrol, diesel, fertiliser etc, are a not insignificant input cost for just about everything on the planet
The cost of oil and especially its enhanced products has gone bonkers due to a whole lot of global / structural / geopolitical issues. In short, we face a global oil based energy supply shortage for the next few years. And these will all take years to resolve.
So it’s a choice of pick your poison: have nearly universal hyperinflation caused by the cost of oil based energy inputs
Or
Engineer a (global) recession by raising rates (which is legitimately within most central banks charter). Which is the bluntest of blunt instruments to solve this particular problem but it’s the only one they have.
Okay, so MB’s position is the Fed needs to raise rates to kill demand and therefore oil prices, but doesn’t that sort of counter MB’s talk that the FED will raise rates too high and fast and kill the economy??
Oh, and thank you, Mr Burns.
I have nfi what their position is anymore on a holistic View.
They have lots of strong positions on specific issues but when you run them against each other then yes, they are contradictory. Ask them to explain it.
The two core POV seem to be that:
If you think all this inflationary pressure is transitory (TILOL tm) then the flow on effects will start to counteract the inflation and so interest rate rises are not required (or only in very small rises, but this is never actually detailed)
Or
If you think that inflation is secular and the causes (oil / energy inputs, printing trillions of dollarydoos of free money, de-globalization etc) are not going to be solved in the short or even medium term) then raising rates to kill demand is the only real lever available
And you’re welcome 🙂
I don’t think the former is MB’s position. As Monty Beetlejuice says it is an essential input into practically everything. I reckon fk all is discretionary so why try and kill demand for inelastic goods … to lower price? I don’t get it. There’s something else going on, unsaid or at least missed by me. Start with RBA, why raise rates for cost-push inflation? I don’t get that either unless there is something in “excessive” GDP growth. I don’t think it’s oil or energy as a factor.
I don’t.think.it’s their position that the FED needs to kill anything, rather that it’s the FED ‘s intention to kill inflation, with the very blunt instrument as stated, which will kill the economy (possibly without doing much to inflation, or maybe that’s just me). Stupid if you ask me. As for inflation I think MB changed from transitionary after war started but still expect China to put a cap on it at.some point as their economy gets hit by COVID & US overstoking + demand destruction and Yuan is devalued.
Hi Zulu,
I specifically recall DLS saying on at least two occasions that the FED needed to kill oil.
DXY above 110 usually achieves that on its own, not enough dollars left out in the world to buy stuff with, they will do that with their interest rate rises. It is a little different this time and in the future since the Russians will restrict supply in the future to the West and nearly all large deposits have been found but $ 70 a barrel looks achievable.
https://www.cnbc.com/2022/06/22/uk-inflation-hits-new-40-year-high-of-9point1percent-as-food-and-energy-price-surge-persists.html
It’s getting very hot under the English bonnet
Down with les Rosbiifs! Allez le Bleus!
en effet!
Not just d’accord?
I prefer “indeed” , d’accord? 🙂
Booyakasha!
https://www.youtube.com/watch?v=7URQ2h5yORs
But the UK imports all their fuel and (nearly) all their food, so the correct, MB-approved approach is to do nothing to interest rates. And definitely don’t raise them to try and combat this eye wateringly high levels of inflation
Nothing beats BOJ approach,
They are effectively fighting the Fed!!!!!!!
https://mobile.twitter.com/AlessioUrban/status/1539359601707175936
It worked out so well for everyone when Volcker did it … natch …
Snowflake (overvalued tech co whose shares have been slammed) CEO when asked about macro:
“I’ve removed the word macro from my dictionary. I believe we’re at risk of a media-induced recession and people reducing spend because they’re nervous not because of data”
https://twitter.com/liebermanaustin/status/1539199480955908096?s=21&t=3klIth1lfrkwiQvHce40EQ
This reply on that thread is gold:
“ I don’t think people should listen to a word from a guy who sold about $600M of stock in last 6 mos.”
https://www.abc.net.au/doublej/programs/arvos/tism-reunite-interview/13932016
“It was the latest move in a long-running corporate battle between European and Chinese partners in a joint venture, which has huge ramifications for the future of telecommunications in space.
At its centre are prized satellite permits granted by the UN International Telecommunication Union (ITU), which could give the rightful owner an edge in the burgeoning LEO industry currently dominated by Elon Musk’s SpaceX.
The licences that give access to satellite spectrum are “critically important”, says Nicholas Eftimiades, a space expert and former US Department of Defense and CIA official. “They have strategic implications, economically, geopolitically, militarily and for information dominance from the earth through space.”
On one side of the feud are the German partners in the Kleo Connect joint venture, who accuse Chinese investors of trying to steal the licences for use in their home country.
On the other are the Chinese backers, who argue that the Germans eagerly took their money only to conspire behind their backs to sell the licences to a new bidder in the US with links to Republican donors and the Pentagon”
https://www.ft.com/content/f1f342ab-d931-44ca-bf0d-f7762db76982
Link to the above
https://twitter.com/adam_tooze/status/1539578955245797376?s=21&t=C_ZojWXrDkyZHKMVI_9PVA
“There are roughly 5,000 operational satellites in orbit. The Satellite Industry Association says that
number could rise to 100,000 by 2030”
How many times faster than an airliner are these satellites travelling at 28,000kph?
Makes space tourism seem a little hairy.
In aviation we have the “big sky theory” flying across the pacific, who the hell else is going to be right here, right now, ever?
You could fly a random track everyday for a hundred year between Aus and the US and never hit anyone. You may never even see another aircraft.
Ironically, an organised track system guarantees you will fly directly into a stream of opposite direction traffic increasing the probability of collision.
Don’t worry, its all still completely controlled.
Next level thinking therefore is “big space theory”. Just a probability game.
When a plane does get hit or just breaks up in flight all those 100s (or thousands) of pieces of debris fall back to earth.
A broken up satellite debris doesn’t and even a rouge nut or bolt, when travelling at 10 times the speed of a bullet, can really ruin Elons day.
Especially if the Chinese, Ruskies and Yanks start knocking each others out.
https://www.news.com.au/finance/superannuation/australians-could-suffer-worst-superannuation-loss-since-the-gfc-according-to-chant-west/news-story/7e7a90e32d5e17f72b2ac1261369f41d
Australia in a few months -> https://www.youtube.com/watch?v=63k37mEo-5E
This is so entertaining.
We’re gonna need some more Jail Cells in this country.
Quick… They are coming for you mateys… stash that cash boyz… hide the drugs before the cops get here ( I suspect police will be getting arrested in this one too ).
I’m pretty much of the conclusion that anyone who tells you to ” Go and get an honest job ” is likely suffering from a guilty conscience. I suspect the reason they say such things is because they are drug dealers themselves, have made there money in property illegitimately and probably havent worked an honest day in there life ;p
I also think the reason people vote Liberal is because 80% of Australia is corrupt, selling drugs, slavery, extortion and everyones basically voting to water down the laws because everyone wants to get away with it.
Liberal voter is axiom for ” Im a criminal and I sell drugs. ”
Im eating so much pop corn these days that Im starting to develop a fat gut lol.
Jesus, you could moan for the Olympics.
China …
China’s Property Slump Is a Bigger Threat Than Its Lockdowns … Bloomberg
https://www.bloomberg.com/news/articles/2022-06-22/china-housing-market-slowdown-drags-economy
The worst decline on record could hold growth below 4% for the rest of the decade.
While global attention is focused on the economic impact of coronavirus lockdowns in Shanghai and Beijing, the slump in China’s housing market is likely to have even more profound implications.
An official index that tracks apartment and house sales has posted year-on-year declines for 11 months straight—a record since China created a private property market in the 1990s. With demand for services and commodities generated by housing construction and sales accounting for about 20% of gross domestic product, that represents a big drag on growth this year.
“This is the worst property downturn on record,” says Lu Ting, chief China economist at Nomura Holdings Inc. The length of the drop exceeds those in 2008 and 2014 that reverberated through global commodity markets by curbing Chinese demand for imported steel and copper. … read more via hyperlink above …
China Lists Hong Kong Housing Among Big Focuses for Next Leader John Lee … Bloomberg
https://www.bloomberg.com/news/articles/2022-06-20/china-lists-hong-kong-housing-among-big-focuses-for-next-leader-john-lee?srnd=premium-asia
• Housing is key issue, after Beijing named it a cause of unrest
• John Lee to be sworn in on 25th anniversary of return to China