Australian dollar breaking out as machines bid

DXY was roughly stable last night:

Allowing the Australian dollar to break to new closing highs against all major DMs:

It is stronger than EMs for now as well:

Gold lifted:

And oil:

Metals fell:

Miners struggled:

EM stocks also want to break out:

Junk was mixed:

Bonds sold:

Stocks edged higher (of course!):

US data was still decent. Housing the driver once more:

Sales of new single‐family houses in November 2019 were at a seasonally adjusted annual rate of 719,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 1.3 percent above the revised October rate of 710,000 and is 16.9 percent above the November 2018 estimate of 615,000.

Held back by industry via soft Durable Goods:

There’s still little to recommend any kind of global recovery worthy of the name.

But for now it is robots bidding into low volume over Xmas as the S&P approaches 19x forward earnings with no explanation for where the earnings surge is going to come from. All that matters is liquidity.

Likewise the Australian dollar.