Australian dollar golden rocket

DXY is still hugging support:

AUD wants to go higher:

North Asia too:

The golden rocket!

Full metals reflation:

Miners not so much:

EM poor effort:

Junk still bullish:

Yields are paused:

Stocks too:

DXY is majorly overbought so some pullback is in order:

EUR has overshot too:

But there is still room for DXY to go lower once we chop some more wood:

As yields fall:

At this point, we are on a reflexive roll. But Europe is going to have to keep outdoing US growth or it will all reverse in short order

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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.