More Australian dollar falls ahead 


DXY is still trending up:

AUD is a picture of weakness:

North Asia too:

Oil roared:


Dirt whimpered:

Miners too:

And EM:


Junk held:

As yields popped:

Stocks only go up:


There was not much in the data, but it was a good DXY night in the newsflow.

Chinese debt deflation is embedded. The BOJ was pretty dovish yesterday. The ECB is steadily becoming more dovish. And oil is suddenly warming into the FCI reflation.

This is all DXY bullish, which is probably why the broader commodities complex is fading away.


There is nothing here, but more AUD falls ahead.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. 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.