Bank bid blows up

The Australian dollar is hovering at the highs this morning even as S&P futures fall:

Bonds are firm:

XJO has gapped lower at the open:

Big Iron is up:

Big Gas down with oil’s struggles:

Big Gold is warm as DXY softens:

The Big Bank bid has run into a big reversal. The whole value rotation thing is supposed to happen as interest rates rise. In bank’s case, it is so that net interest margins widen with a steepening yield curve. There ain’t no rising rates today:

Big Chunt still has no business but why let that stop ya!

Still, after a ripping run of fakeflation, profit-taking is to be expected.