Australian dollar once more into the breach

DXY firmed Friday night:

AUD back to the lows:

North Asia too:

CFTC AUD is still long even as prices fall:

Oil is buggered. Gold is blowing off:

Dirt meh:

Miners meh:

EM meh:

Junk is warning:

Yields are loonytunes:

Stocks were bid anyway:

It was weather and strikes that affected the US jobs report so fade it:

If somebody can tell me where the next round of surging US inflation being priced into yields is coming from I am all ears:

• Wages? No.
• Commodities or oil? No.
• Currency? No.
• Fed? Long way to go there.
• Fiscal? Corporate tax cuts? No.

My view is the bond backup is another convulsion of CTAs, systematics and momo.

In other words, robots.

If we get a controversial US election, the rates gap is set to crush stocks which would probably puke the AUD:

And given Trump will challenge any close outcome, that is my base case for the week ahead.