Australian dollar rides foaming at the mouth FOMO
David Llewellyn-Smith | Nov 16, 2022 10:46
DXY continued its swoon overnight but was saved by a momentary restoration of reason when a few Russian missiles accidentally landed in Poland:
The AUD crash-up was only momentarily disrupted:
Oil is not taking off:
Dirt faded:
Miners (NYSE:RIO) pushed on:
EM stocks (NYSE:EEM) crashed upwardly:
Junk (NYSE:HYG) too:
But the US Treasury curve kept flattening despite falling yields:
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Stocks party:
Chinese data was terrible but that’s now cause for celebration on looming stimmies! The US PPI was marginally better than feared at 8% versus 8.3% and that sent markets into another melt-up.
This is still all about positioning and momo for mine. Sticky inflation has not budged and another Fed rug pull is coming if it stays where it is:
But we are first going to get some foaming-at-the-mouth FOMO for AUD.
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