DXY was soft.

AUD up.

CNY is stalled.

Gold is signalling Waller cuts!

Metals not so much.

Big bear tries again.

EM hugs the bubble.

Junk is lagging badly.

Yields did the opposite to gold.

The bubble inflates.

It looks like a new and dovish Fed chair is front-running. Bloomberg.
Federal Reserve Governor Christopher Waller is emerging as a top candidate to serve as the central bank’s chair among President Donald Trump’s advisers as they look for a replacement for Jerome Powell, according to people familiar with the matter.
Trump advisers are impressed with Waller’s willingness to move on policy based on forecasting, rather than current data, and his deep knowledge of the Fed system as a whole, the people said. Waller has met with the president’s team about the role, but has yet to meet with Trump himself, the people said on the condition of anonymity to discuss private deliberations.
Waller had already abstained from holding in the last two meetings.
Still, the DXY short remains huge.

Much bigger than underlying conditions.

One wonders if even a dovish Fed careerist is enough to sink DXY further into these headwinds.
Trump needs a rank nepotistic appointee to restore capital flight!
AUD chaos is still the call.