Australian dollar abandons Europe

DXY is stable, but the EUR is in a hurry.

AUD is not.

CNY plods on.

OPEC boosted big over the weekend. Oil is to suffer.

Metals flamed out.

Miners meh.

EM is looking a bit like its old self.

Junk meh.

US markets were shut for Independence Day, but the falling dollar is starting to generate some perverse effects for Europe.

Earnings are suffering versus the US. This has already hit European equities and helped lift US.

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How long before the same starts to happen in FX? Trump will have a say.

Renewed tariffs, sacking Fed Chair Powell etc, would all give macro risk a boost and the EUR another leg up.

AUD will follow, but the pressures of a reversal are already building.