Everything bubble bursts if Warsh fails the test

David Llewellyn-Smith

Thursday 9 July 2026

DXY is holding support as the war resumes.

AUD is OK, but I don’t fancy its chances as North Asia slips inexorably towards crisis.

Don’t buy gold until you think the war is over. Oil is running again.

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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.