A new Australian dollar down cycle has begun

Wednesday 23 June 2021

Forex continued its calming reversal last night as Fed chairman Jay Powell hosed the inflationistas. DXY dumped and EUR popped:

Australian dollar’s rebound has been weak so far:

Oil and gold fell:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.