The Australian dollar AUDUSD -0.66% is tumbling even as the S&P 500 SPX +0.83% goes from all-time high to all-time high. This is unusual.
As the chart below from DailyFX shows, the Australian dollar, or Aussie, and the stock index have been closely correlated for years, with the relationship intensifying in the wake of the Lehman Brothers collapse in 2008 and peaking in 2012. So while the stock rally has been able to shrug off everything thrown at it, could the Aussie serve as the proverbial canary in the coal mine?
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