Australia dollar smashed as growth scare rises

David Llewellyn-Smith

Friday 2 August 2024

DXY remains firm:

AUD remains very weak:

The JPY safe haven is going nuts:

Oil was gazumped. Gold to the moon:

Metals meltdown!

Miners following:

EM gave in:

Junk too:

Despite US yields in free fall:

Stocks fell anyway:

Bad news is bad news as weak data raises fears of a profit-curbing slowdown.

ISM was bad at 46:

Jobless claims on the march:

Following weak ADP:

One feels we are one bad BLS labour force report away from the chaos of a ‘risk off’ market (and AUD).

It’s tonight!

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.