Trump tariffs tax Australian dollar, ASX

The Australian dollar is hanging on grimly as weak GDP and trade wars pound away at sentiment:

Bonds are bid:

XJO is down -1%:

Dalian has lost overnight gains at the open:

Big Iron is falling with FMG trotting towards the key $4.50 support:

Big Gas is off:

Big Gold is up though whether it is a good hedge for trade wars is an open question. For the moment the USD is trading on the political risk but if tariffs get moving then inflation is the next risk and that is USD positive:

Big Sleazy is off with WBC breaking support:

Big Parasite is mixed but GMA is still falling:

Finally, Big Retail is not getting much support from GDP though DMP has found a magic pudding in buy backs:

S&P500 futures are still down -1.1% so more pain to come.