NAB with the note. We must acknowledge that US economic exceptionalism has recently become even starker and is ostensibly supportive of further US dollar gains into year-end. We would not be surprised to see the Aussie trade with a five in front of it at some point next year. The Australian dollar currently has nowhere
Australia is the energy superidiot. It is engaged in the most disastrous transition from fossil fuels to renewable energy on earth. The problem is very simple. The plan was to use Australia’s abundant and cheap gas reserves to replace coal as backup firming power for intermittent renewables. However, a vicious gas export cartel rose to
Last week, Statistics Canada released the Q3 national accounts, revealing that the economy grew at an annualised rate of only 1.0% in the third quarter. This is well below the Bank of Canada’s estimate of potential GDP of 2.4% this year and its October forecast of 1.5%. Canada’s population expanded by 3.0% in the year
Australia’s auction market concluded the spring selling season with a lacklustre performance. The preliminary clearance rate across the combined capital cities fell to 63.4%, on par with the first week of November as the lowest early clearance rate so far this year. Across Melbourne, 64.1% of auctions were successful based on preliminary results, which was
DXY has finally flamed out and is consolidating at the top of its range. EUR the reverse. AUD is not bouncing hard. The market is prematurely long. JPY is bouncing on rate hopes but the CNY smash lies ahead. Oil is hanging on for grim death. I expect to lose the struggle eventually. Gold ain’t
CoreLogic’s latest house price and auction results reveal that Australia’s housing market has stalled. CoreLogic’s daily dwelling values index, which tracks prices across the five major Australian capital city markets, grew by only 0.1% in November. As illustrated above, home values fell in Sydney and Melbourne in November, offsetting price rises across the other major
International Reading: Trump tariffs would increase the price of cars made by US automakers by over $2K: Wells Fargo – Business Insider Elon Musk wants to ‘delete’ a federal agency designed to prevent another financial crisis and protect people from scams – Yahoo Elon Musk publicized the names of government employees he wants to cut.
Asian stock markets are somewhat mixed for the last session of the trading week which is not surprising given the lack of a lead from a closed Wall Street overnight. The latest Tokyo inflation print saw Yen appreciate considerably against an already weak USD with the Australian dollar also lifting into the last session, currently
Independent economist Tony Alexander has written a detailed report on the New Zealand economy, which is experiencing a historic recession. Alexander argues that the Reserve Bank’s interest rate cuts cannot offset New Zealand’s structurally poor economy and embedded low productivity growth. As a result, the recovery from the recession will inevitably be long and lacklustre.
Deutsche with an excellent wrap. 1. Free trade agreements (FTAs) are not safe. Canada and Mexico are part of the USMCA which was negotiated by Trump himself. It is clear that even countries with existing agreements with the US can be subject to tariffs. See here for our analysis on who is most vulnerable. 2. Right after