Copper is often referred to as “Dr. Copper,” as it is often viewed as a gauge of world economic health. The price of copper has turned higher recently, as it is often correlated with the stock prices and commodity currencies, such as . We have discussed recently how it appears the Australian dollar may be running into resistance and how the Aussie is correlated with stock markets. The Australian dollar is also correlated with copper. So, let’s look at the last leg of this three-ring circus and bring it all together.
Firstly, although central banks around the world are still in QE+ mode, Australia’s Employment Change released today showed an overall increase of 5,900 jobs versus an expectation of -40,000 jobs. However, the U.S. data showed that an additional 5,245,000 people filed for unemployment benefits last week. This brings the total to 22 million over the last four weeks. In addition, the was -56.6 versus -29 expected (its worst reading since 1980). Combine this…
