Australian dollar rides metals mania

DXY firmed:

AUD flamed out:

No help from North Asia:

Gold runs on:

Now that’s a metals squeeze:

Miners yawned:

EM too:

Junk still on the up for risk:

Yields firmed:

Stocks ATH:

Shorts piled back into the AUD last week, and the position remains formidable:

It’s a good base for the AUD rally to continue while we go through this latest bizarro-world Wall Street bubble, this time for metals:

Australia is not a big copper exporter, so the direct impact is minor. But rising gold and base metals, even as bulks struggle, is a good environment for an ongoing grind higher for AUD.