Australian dollar launched by ECB

Friday 22 July 2022

DXY sank again last night as the ECB delivered its tightening and EUR firmed:

That was enough to jump-start AUD:

Notably, oil sank despite a weak DXY. This is a shift in correlation that could lift risk assets further if it continues:

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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.