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Macro Morning

July 2, 2019 - 08:30 -- Admin

By Chris Becker  With the trade war truce in place, equity markets gapped higher overnight with US stocks hitting a record high as traders piled all in, despite the worrying signs across the globe as manufacturing rolls over. The USD in particular soared higher against everything, while interest rates were relatively quiet as the 10

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Australian dollar smashed as America First flattens globe

July 2, 2019 - 06:08 -- Admin

DXY jumped higher last night with CNY but EUR was trashed: The Australian dollar was hammered lower across the board: Gold too: Oil was mixed: Base metals flogged: Big miners boomed: EM stocks fell: Junk was hit: Treasuries bid: Bunds bid: Aussie bonds were flat: Stocks soared to record highs in the US: America First

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Indian international students scam visa systems worldwide

July 2, 2019 - 00:10 -- Admin

Canada’s Globe & Mail published a disturbing article on how international students, primarily from the Indian Sub Continent, are using education visas as a backdoor to accessing working rights and permanent residency: International students say Canadian private colleges use agents working on commission, both here and overseas, who persuade student recruits that paying tens of

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RBNZ lifts capital buffers as APRA lifts psychobabble

July 2, 2019 - 00:10 -- Admin

While the 1,400 fruitcakes at the Lunatic RBA and Corrupt APRA are busy deploying psychologists to bank boards to understand how to babysit psychopathy, the 300 focused souls at the RBNZ remain a beacon of sanity. Yesterday it released the latest in discussion process as it pushes towards huge lifts in bank capital reserves: The

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Commodity price index signals further terms-of-trade lift

July 2, 2019 - 00:06 -- Admin

The RBA has released its commodity price index for June, which increased by 2.1% in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and by 2.3% in Australian dollar terms: Preliminary estimates for June indicate that the index increased by 2.1 per cent (on a monthly average basis) in SDR terms,

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Links 2 July 2019

July 2, 2019 - 00:02 -- Admin

Global Macro/Climate Change: Norway pulls investment from oil and gas companies – Newshub No Drips, No Drops: A City Of 10 Million Is Running Out Of Water – NPR An oil spill in the Gulf of Mexico that began 15 years ago is up to a thousand times worse than the rig owner’s estimate, study finds – CNN

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Macro Afternoon

July 1, 2019 - 17:00 -- Admin

The G20 and the trade war truce between China and the US has lifted risk spirits despite a slew of very poor manufacturing PMIs released in Asia today. The Yuan has jumped against USD with the USDCNH at a near three month low while the Aussie dollar has tanked on the Chinese PMI print, Yen

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Banks slam ASIC for suggesting they do their job

July 1, 2019 - 13:15 -- Admin

ASIC wants banks to stop or augment their use of the Household Expenditure Measure (HEM) but the banks have expressed their disdain in new submissions to the regulator released today: WBC: “Accurately verifying basic and discretionary living expenses using transactional account data is currently not feasible and in Westpac’s experience, would be of limited value.”

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Bitcoin bazooka to fizzle

July 1, 2019 - 13:00 -- Admin

by Chris Becker The undollar crypto currency the mainstream economists love to hate – Bitcoin – has seen a meteoric rebirth since the start of March this year, tripling in “value”: Having reached nearly $USD14000 mid way through last week, Bitcoin also showed why for most investors/speculators, its something to avoid traversing in the short term,

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Australian dollar sags with Asian PMIs

July 1, 2019 - 13:00 -- Admin

So much for trade war relief. The triptych of bad Asian PMIs knocked the stuffing from the Australian dollar after it gapped up at the open this morning: Aussie bonds were sold then bid: But stocks are in no doubt as S&P futures fly: And XJO follows: Dalian is up too: So Big Iron is

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