AM/FX: USA less exceptional

Specs have been exiting GBP shorts and putting on AUD longs. Chinese copper import premiums are at an all-time low – bearish copper.

Taking one more shot at short USDJPY, even though I got stopped out of the EURJPY short. Because all signs point to BOJ intervention, in my eyes.

Significant-looking tops in commodities may signal that we are near or past the peak in the inflation reacceleration narrative—and US yields.