Australian dollar rolls as commodities puke China rebound
David Llewellyn-Smith | Nov 21, 2022 08:34
DXY has stabilised:
AUD looks toppy:
Oil is puking the China rebound:
So is copper:
Big miners (NYSE:RIO) are glued to iron ore:
EM stocks (NYSE:EEM) are fading:
Junk (NYSE:HYG) too:
As the US curve sinks to its deepest inversion in nearly half a century:
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Stocks held on:
The latest Fed inflation nowcast is still glued to nearly 5% annualised:
Despite Elon Musk’s best efforts, the US jobs market remains in rude shape:
And now the robots have bid a material easing into US rates via equities and DXY, erasing the Fed’s last 75bps hike:
Fed rug pull for bear market rally and AUD approaching just as markets realise that China is going to get much worse before it gets better.
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