Australian dollar roars as China bazooka fires blanks

DXY faded last night:

The AUD climbed:

With plenty of aid from North Asia:

Oil sagged:

Metals mania looks a lot like a bursting bubble:

Big miners meh:

EM is cooked:

Junk was better:

As yields rolled:

And stocks mull a decent correction:

The Chinese stock and property bazooka appears to have fired blanks:

This is helping to deflate the metals bubble, which was little more than hot money chasing Goldman research reports:

If this continues with oil, yields will come off before long, stopping the correction from getting very far.

I am no more bullish about AUD today than I was yesterday.