Australian dollar sinks with jobs

DXY is maybe going to bounce.

AUD got an RBA wake up call from jobs.

Lead boots continue to stroll to Mar-A-Lago.

Oil CTAs threatening.

Sell copper before Goldman does.

Big miners caput.

EM meh.

Junk serene is bad news for stocks.

Yields eased though.

As did stocks.

RBA futures have nearly added three cuts now, but not fast enough and not low enough.

By August-26, Australia will be in the throes of a massive Chinese trade shock of crashing goods import prices and crashing bulk commodity export prices.

This terms of trade slaughter will smash interest rates to pieces, humiliate the RBA again, skyrocket immigration (because it is the only growth driver left and the only lever Canberra ever pulls), and send the AUD to new lows.

IMHO!

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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.