AUD/USD down despite the 2% rise in equities
US equity markets are sizzling today with the S&P 500 up 2% and Nasdaq up 2.9%.
Normally that would spill over into other markets but that's not the case today. AUD/USD is down 28 pips to 0.7272 and it's a similar story in other commodity currencies and emerging market currencies.
Here's an overlay of the S&P 500 and AUD/USD over the past 5 days:
I'm not quite sure what to make of the divergence. Oftentimes the bond market casts the dividing vote but it's closed today because of the Columbus Day holiday.
