A wholesale liquidation is underway in the commodities markets as the Chinese miracles looks finally to be a mirage. Oil prices are down $2.75 or 3.9% while copper is 3.9% lower as well. US share prices are are down 2.4% as growth fears weigh heavily on the markets.
AUD/USD is suffering as a result of the rush out of the reflation trade. It has traded down to 0.7890 thus far and changes hands at 0.7902 at the moment. 0.7854 is next support, a support line drawn off the recent 0.7825 and 0.7845 lows.
