DXY sagged on soft retail sales:
AUD rose on more hawkish RBA rhetoric:
No help from North Asia:
Oil is a CTA mania machine:
Saving base metals:
Miners less so:
Junk has stalled. This bodes poorly for any broadening of the stock rally:
Despite falling yields:
Stocks had a day off:
With European risk on the backburner for a day, the RBA’s stiffer rhetoric (not a tightening bias) played itself out in forex.
10 year Australian yields have almost flipped positive versus the US overnight, the first time since February:
However, I wonder how far this trade can get with local inflation still set to fall, Europe in crisis, China stuffed and the AI favouring the US.