DXY was soft and EUR firm:
Risk is raging but the AUD is not.
Gold and oil are food and running:
Dirt yawn:
Mining (NYSE:RIO) yawn:
EM (NYSE:EEM) may be dead thanks to China going ex-growth:
Junk (NYSE:HYG) is not supportive:
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Yields eased:
Stocks only go up:
Especially insolvent banks (NYSE:KRE) as the dash for trash accelerates. Did credit-crunched small US banks? Buy ’em!
Everything US is partying but global risk is not.
A big, fat and exhausted Chinese elephant has sat on everything else. Goldman’s and Zoltan’s commodity super cycle is getting hosed:
While the falling DXY persists, there will be upwards pressure on AUD but it is fighting massive wind shear in ex-growth China.
The latter will win easily in the long run as we redo the post-2012 period for dirt.
A super bust cycle for commodities and the AUD.