Australian dollar to keep falling on Fed hawks

A solid rebound in DXY last night as EUR fell. The two trend channels are crazy perfect:

AUD is stalled for now:

Oil is going to rain on the bear market parade:

Metals followed:

Miners fell:

EM stock and junk flamed out:

Treasuries sold:

Stocks dumped and pumped to even:

There’s no good news on US inflation. The ADP and ISM services were rock solid and the Cleveland Fed headline index is rising even as CorePCE is stalled at 40bps per month:

There is no Fed pivot in these numbers. If it were to do so then reflation dynamics would roar into commodities and send US prices upwards from 5%.

The Fed is going to go 75bps in November and if still nothing changes, another 75bps in December.

AUD down.