If you are looking at audusd trend then personal credit growth is only a small picture view. The big picture consist of the jobless rate, commodity prices, balance of payments among some of the big ticket items.
Why is the Audusd so strong? Could it be the end of the rate cut cycle or carry trade? Economic pointers are all suggesting it is not bad relative to its peers. Flip a comparison between audusd and Spi200 and you see it is very positively correlated.
I did put a lot of thought into xauaud and prices are elevated. This is great for the high margin operators such as NST. Ultimately xauusd is the sentiment driver short term hence nst and its peers were aggressively sold down. Where does the longer term valuation reside? I suspect when xauusd outperforms audusd. I don't know what type of events will get this side effect.
NST Price at posting:
$4.74 Sentiment: Buy Disclosure: Held