Everything is fake these days so why not FX? DXY faked a fall and EUR a rise:
AUD fancied itself a safe haven currency:
Gold pretended it knows what DXY is doing. Oil imagined the global economy is strong:
Dirt professed that it will be all good:
Miners dreamt that a single cyclone off the Pilbara can fix everything!
EM stocks made up some story:
Junk pantomimed good health:
A flattening curve invented a new cycle:
And the great bullshit artist hosed it all with brown:
Bloomberg was astonished when the IMF noted that the earth is still round even as Janet Yellen declared it flat:
It’s too soon to sound the all-clear on financial-sector turmoil, the IMF said. Markets remain fragile and stressed, and it’s yet to be seen whether steps taken so far will be sufficient. The fund also trimmed its global economic growth projection to 2.8% this year.
Even the KRE caught a bid:
Of course, evidence is mounting that there is a material US credit crunch underway. The new NFIB:
And, wait for it, the Fed is still hiking rates as core inflation remains far too high:
But, shhhh, everything and the AUD are going to be alright if we just pretend that it is.
