The Macro Charts You Must Know #16
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The week in a nutshell:
- Commodity prices remain firm, with demand continuing to outstrip supply in copper, oil, aluminium and European natural gas
- This has led the USD to weaken against the commodity currencies, AUD and CAD
- Interest rates continue to rise along with inflation expectations in the US and Europe
- US breakeven rates made new highs for 2021
- EU yield curves remain steep and at or above 2021’s highs, in contrast to the US yield curve
- Gold manages to rally, but not by much when seen relative to the surge in US breakeven rates
- USDCNY broke below 6.40 as the CNY continues its post summer breakout against the Dollar, even as uncertainty swirls around Evergrande and the rest of China’s massive property sector
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