Australian dollar China rocket!

DXY broke support on China shrinkulus:

AUD is a China rocket:

North Asia to the moon!

Gold way overbought. Oil not out of the woods by a long shot:

Metals have priced a new boom. Good luck with that:

Mining melt-up:

Arise EM!

Junk is the tell for what it means for macro. Nuthin!

Yields fell:

Stocks love a stimulus, even shrinkulus:

The Chinese shrinkulus adds bugger all to the macro outlook but it adds liquidity and in modern markets that matters more.

So AUD trades like it’s going to matter to growth even though it won’t.

With the Fed and PBoC doves and RBA hawks now behind us, AUD is probably approaching its short-term peak here.

Beyond that, I wouldn’t call the top for the wider rally yet.