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.