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Looking at the market this week, surprisingly, Australian-related positions are strong.
EWA, along with Japanese stocks EWJ and XLU, is becoming a top performer, possibly linked to movements in the Australian currency.
The utility sector is also steady, and it seems like defensive stocks are being bought.
On the other hand, Bitcoin spot IBIBT has been underwhelming this week.
Natural gas ETF UNG and financial sector ETF XLF are also performing poorly.
Compared to the inflow of funds around Australian coins, interest in risk assets might be waning.
How things will move from here depends on next week's macro events.