AUD is having none of it
The contrast between stock markets and the Australian dollar at the moment is as strong as I've ever see it.
The Aussie is a China-levered bet on global growth so it's not a surprise to see it underperforming but we're once again close to financial crisis lows as stocks make new all-time highs. The thinking in the stock market is that central banks and governments will print their way to prosperity and I'm sympathetic to that but global growth is the backbone of everything and it's tough for any company to make money without growth.
The picture of AUD/USD right now is dire. It sits just above the February low 0.6660 and if that gives way there is nothing in the way of support until the crisis lows at 0.6000.
