Australian dollar slumps on WWIII

David Llewellyn-Smith

Wednesday 18 June 2025

DXY is stirring as Trump turns neocon.

AUD slumped on WWIII.

Lead boots are rock solid.

Oil is still not overly worried.

Metals nervy.

Big miners are in the bear market of a lifetime.

EM stocks puke.

Junk OK.

The ‘ol safe haven is back.

As stocks stumble.

The whole damn world is short DXY as Iran and Israel go to war.

Really, really short.

With the idiot in Washington and the warmonger in Tel Aviv, truth is the first casualty of the war, and maybe AUD is the second.

Or not.

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.