DXY has a very bearish chart but not yet broken. EUR is the mirror image:
AUD is right at terminal support preventing a free fall to the October lows:
Other commods hung on:
Miners (NYSE:RIO) dead cat bounced:
EM stocks (NYSE:EEM) also look very bearish:
Junk (NYSE:HYG) hung on:
As yields popped a little:
Stocks want to go down suddenly:
We appear poised for a serious risk-off event:
- Oil is howling recession as it falls through OPEC cuts.
- Copper is sitting on terminal support.
- Stocks are weakening despite better-than-expected earnings.
- The EM bid is evaporating,
- Yields are hanging on as central banks keep hiking into growth shock signals.
DXY has a very bearish chart but it does not align with my macro views that the debt-ceiling debacle is bullish and Europe is the next growth shoe to drop with a hugely overbought EUR stock bid to go with it.
So, I am not confident about the major crosses but AUD appears poised for lower as the North Atlantic recession crowds in.