Pilbara killer rises

Friday 13 February 2026

DXY stopped falling last night, possibly as Trump withdrew ICE from Minneapolis.

The AUD strongman refused to fall as much as broader risk supported by North Asia. I do not think that Beijing will allow the CNY upside acceleration for very long.

Gold and oil fell after the American madman suggested Iran talks should continue.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.