Global Macro

DXY was soft Friday night: AUD fell against everything: Gold was strong: Oil too: Base metals were hit: Big miners are toast: EM stocks sold: Worse, junk broke: Treasuries were bid: Bunds too: And stocks were flogged again: The problem is not as specific as trade wars, though that is a part of it.

Apparently it’s trade war at the AFR: China deplored the move and said it was not afraid of a “trade war”.

DXY was weak last night: AUD was too against DMs: Better against EMs: Gold firmed: Oil too: Base metals were hit: And miners clubbed.

DXY was stable last night: AUD was firm on good China data: Gold was soft: Oil too: And base metals: But miners jumped with iron ore: EM stocks fell: Junk fell: Treasuries were bid: Bunds too: Stocks pulled back: US retail sales and PPI were soft and GDP estimates got slashed.

DXY was weak last night: AUD mixed against DMs: Strong against EMs: Gold was choppy: Oil fell: Base metals too: Miners firmed: EM stocks too: Junk fell: Treasuries were bought: Bunds too: Stocks were firmish: Not much in data or news.

DXY jumped last night: AUD slumped against the USD but was stronger elsewhere: And strong against EMs: Gold was whacked: Oil too: And base metals: Big miners are breaking down: EM stocks held on: As did junk: Treasuries were bought: And bunds: Stocks added gains: The USD appears to have bottomed.

In his masterpiece, The World in Depression, Charles A.

DXY firmed last night: AUD was mixed against DMs: Was soft against EMs: Gold fell: Oil jumped: Base metals fell: Big miners eased up: EM stocks too: Junk firmed: Treasuries were sold: And bunds: Stocks jumped: More buy the dip, I suppose.

The WSJ has some concern for a steepening climb in Libor interbank lending rates: Libor has been rising for the last two years as the Federal Reserve has tightened interest rates.

DXY was roughly stable last night: AUD firmed against DMs: But fell against EMs: Gold was also stable: And oil: Base metals rose a bit: Big miners more: EM stock fired: As did junk: Treasuries were bought: Bunds sold: And stocks boomed: Data was soft as US new homes sales missed.

By Leith van Onselen Yesterday, I reported that US farmers and the Republican Party are pressuring President Donald Trump to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – dubbed by MB as TPP 2.0.