Australian dollar joins the march of Japan

Thursday 12 February 2026

DXY was firm overnight after a reasonable jobs report.

AUD had another tearaway night. This story was not about US jobs, which should have capped it. It was about a rocketing JPY post-election and CNY still on the up.

Oil and gold are both chasing Iran.

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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.