Australian dollar bear stampede
David Llewellyn-Smith | Mar 26, 2024 10:54
DXY eased:
AUD firmed:
CNY too:
Oil is a problem for the bulls:
Metalzzzzzzzzzzzzzzzz:
Minerzzzzzzzzzzzzzzz:
EMzzzzzzzzzz:
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Junk is breakout bullish:
Yields followed oil:
Stockzzzzzzzzzzzzz:
The Aussie dollar has so many bears in situ that it will be difficult for it to fall much at all from here:
Credit Agricole (EPA:CAGR):
The AUD remains the largest short in the G10 FX after new selling interest last week, predominantly driven by IMM flows. Our FX flow data points at banks and corporates inflows, as well as hedge funds and real money investors outflows. All in all, the AUD is in oversold territory.
Largest short in history, actually. Pretty hard pushing lower through that.
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