Australian dollar surges as yields fall

See the latest Australian dollar analysis here:

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DXY took a hammering last night as US yields fell back from the recent charge higher.  We saw all of the usual resulted with EM, commodities and Australian dollar up strongly. I see this as a counter-trend rally. To the charts! DXY vs EUR:

The Australian dollar lifted away from the neckline of its perilous head-and-shoulders top but fell versus other EMs:

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