AUD/USD: Au vs US Yield Spreads Playing a Greater Role

3d performance on a 20-period correlation (favourite measure by the bank researchers at Nomura) clearly shows AUD a function of Gold, CNH, AU vs US yield spread, less so CRB and DXY now.

Also note, AU vs US yield spreads (10y) on a daily chart adjusting its longer-term positive correlation again, reinforcing domestic factors and point made in last idea shared in the yield curve.