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Australian dollar crumbles with commodities

Published 24/05/2024, 08:28 am

DXY is up:

AUD is down:

China let CNY slip if look right up close:

Oil and gold are pointing to commodity exhaustion:

Copper and metals more like keeled over:

Miners fell:

EM fell:

Junk has the jitters:

As the steepeneer steepens:

And stocks feel dizzy:

So, is that the end of this latest round of commodity lunacy? Who knows.

What we can say is that the fundamentals remain unsupportive for most dirt:

  • US Fed “higher for longer”;
  • Global growth landing of some sort;
  • Chinese structural change away from construction unchanged;
  • big supply uptrends in major metals, and
  • DXY still in a bullish trend.

The AUD is still trapped in the basement.


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