Australian dollar flies into growth shock!

David Llewellyn-Smith

Friday 23 October 2026

DXY eased overnight. Notably, it did not surge as a safe haven as everything fell apart. I still think it will.

AUD held up with EUR. North Asia is also support.

Don’t say I didn’t warn you as gold joins the crash. Oil to the moon, delivering a growth shock!

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.