AUDJPY leads SPX moves

A little short-term macro correlation illustration

Below is a 5 minute chart of the AUDJPY versus the S&P 500 mini futures. <AUDJPY is in blue>

Beyond the correlation, note how the currency tends to lead the equity index.

I’ve placed a couple circles to show when a decline in the AUD against the Yen coincided with a fall in the S&P 500 futures.

September 22, 2020
by Rob Zdravevski

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