Australian dollar crashes up
David Llewellyn-Smith | Aug 24, 2023 09:16
Good luck trading these markets. DXY remained strong last night:
But AUD crashed up:
CNY is hanging on like grim death:
Oil and gold did the opposite:
Dirt rose:
Miners (NYSE:RIO) too:
And EM (NYSE:EEM) stocks:
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Junk (NYSE:HYG) bumped:
Yields crashed:
Stocks roared:
Last night’s data strongly favoured a global lurch towards recession as European flash PMIs tanked for both manufacturing and services:
And the US followed at a more gentlemanly pace:
So the stupid bear steepening was smashed back into place, which was enough to lift stocks, even though earnings will follow PMIs in due course.
The BLS also suggested it would round down job growth.
Markets also seem to be over any China shock. Not for any reason. Just because.
Adding to the histrionics, NVIDIA (NASDAQ:NVDA) posted insane AI earnings after the close.
In short, AUD crashed up because the global economy is going into recession, which will make the Chinese problem much worse, and one AI firm is selling insane numbers of chips to dodgy jurisdictions before they get banned.
You go, girl!
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