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