The great reflator, DXY, is falling:
AUD broke out:
The peg has broken higher:
Oil up, not gold:
EM up:
Dirt up:
Junk up:
Yields down:
Stocks up:
US leading indicators are terrible:
For now, that makes everybody happy as yields fall.
But, at some point, the market will have to wonder if growth will stall and a glowing earnings recovery outlook miss big.
Until or unless then, it is DXY down and AUD up.