{podcast} The standout feature of Friday’s markets was the surge in the AUD, breaking clean above its prior 0.7564 – 0.7820 year-to-date range to end the week at 0.7877. Bond yields continued their upward ascent, globally and in real terms on rising H2 2021 economic optimism, which looks to be starting to spook the US equity market somewhat, though sector rotation into smaller cap and cyclical stock was the bigger story Friday. Metals prices remain on a tear, led by a 4.4% rise for copper, bringing its weekly rise to 7.7%. ‘Flash’ European manufacturing PMIs surprised significantly to the upside (Germany especially) ... (full story)