See the latest Australian dollar analysis here: Macro AfternoonDXY was flat last night:AUD took off:Oil firmed. Gold eased:Dirt was soft:Miners fell:EM and junk popped:Yields jacknifed:Stocks to the moon:No point pulling your dough from a US regional now. The big banks will just stick straight back in:The US’s biggest banks agreed to deposit $30 billion with First Republic Bank in an effort to stem the turmoil that’s sent depositors fleeing from regional banks and shaken the country’s financial system. Other banks will deposit smaller amounts. The key is now this:The DM credit crunch has begun, such as it is, and recession will follow as night follows day.

Source: The Guardian March 17, 2023 02:01 UTC