DXY was soft and EUR firm:
Risk is raging but the AUD is not.
Gold and oil are food and running:
Dirt yawn:
Mining yawn:
EM may be dead thanks to China going ex-growth:
Junk is not supportive:
Yields eased:
Stocks only go up:
Especially insolvent banks as the dash for trash accelerates. Did credit-crunched small US banks? Buy ’em!
Everything US is partying but global risk is not.
A big, fat and exhausted Chinese elephant has sat on everything else. Goldman’s and Zoltan’s commodity super cycle is getting hosed:
While the falling DXY persists, there will be upwards pressure on AUD but it is fighting massive wind shear in ex-growth China.
The latter will win easily in the long run as we redo the post-2012 period for dirt.
A super bust cycle for commodities and the AUD.
