USD/JPY touched below 103.00 and AUD/USD cracked 0.9015 0.9000 as fear about problems in China continues to mount.
Copper led the market lower but now stocks and FX have joined in. Gold initially joined in but has now rebounded to $1343 on safe haven buying.
At the Australian-Herald Sun, Terry McCrann stokes the fear by fretting about the recent collapse in iron ore prices.
The sudden, sharp fall in the iron ore price could turn out to be the beginning of our very own narrowly focused “Lehman event”.
Our economy is now totally, and I mean, totally hostage to China’s continued growth. Suddenly, that’s looking at least problematic.