Autralian dollar warns on global melt-up

DXY eased last night:

AUD is wearing lead boots:

Even as North Asia popped:

Oil is becoming a problem as it chases overheated stocks:

Dirt popped on more China easing:

And miners:

EM indexes are stuffed:

But under the bonnet India rising, China falling:

Junk spreads have departed the rally. Major warning sign here:

As yields blast higher with oil:

And stocks only go up:

It was PMI night, and the US was strong as the wealth effect kicked along services consumption:

While the European downturn is slowing:

Once again, stocks are going to over-egg this party until oil drives yields higher and the whole punch bowl is upended.

AUD will struggle in this environment as DXY predominates.