Global Macro

DXY came off its highs Friday night: The AUD came off its lows but is weak against EUR now as well.

Cross-posted from LF Economics: The title of the article comes from a very interesting and hard-hitting paper authored by a leading mainstream economist, Luigi Zingales.

Bloomberg ran a report last week on electric cars that turned into a longer read than I expected as I chased through some of their numbers that seemed wrong: It’s been 10 years since Apple Inc.

DXY pulled back last night: AUD stabilised versus EMs: But fell against EMs: Gold held: Brent was whacked: Base metals rallied: But not big miners: EM stocks held: High yield is stable: US yields pulled back: European spreads contracted: And US stocks hit more record highs: It’s a pretty normal pullback following Trump tax excitement.

I have yet to hear reasoned arguments about why Bitcoin should be considered a currency.

DXY lifted to new highs last night: AUD fell against DMs: But was stronger against EMs: Gold took off on war talkin’: Brent flew on war talkin’.

Cross-posted from The Conversation: Despite its name, cryptocurrency isn’t just money.

Cross-posted from The Conversation: The Chinese government’s decision to order several Bitcoin and other cryptocurrencies exchanges to close shows how much of a threat they are perceived to be to financial stability and social order in China.

Via Deutsche:  This year’s long-term study looks at the frequency of financial crises and shocks through history and speculates as to where the next crises may originate from.  We think that the post Bretton Woods (1971-) global financial system remains vulnerable to financial crises.

Cross-posted from The Conversation: This phrase may have religious roots, but there is no better way to describe the dominant sect in economics today than as wilfully blind.

Via the BBC: North Korea has fired a missile eastwards from its capital, Pyongyang, towards Japan, media reports say.

DXY got kicked last night: The Aussie was flat against DMs: And mixed against EMs: Gold lifted a little: Brent jumped then fell.

Cross-posted from The Conversation: Deutsche Bank CEO John Cryan has predicted a bonfire of industry jobs as automation takes hold across the finance sector.

Love William White.