If commodity prices rebound on a slightly more broad-based basis, then you better buy a truckload of AUD versus GBP before it happens. USD is historically the worst currency to own if Gold rallies (that is by the way NOT the case currently), but GBP is the second worst. AUD is on the other hand high beta to commodity price increases, no matter whether its gold, copper or something third. We consequently like the short GBP/AUD bet and decide to enter, even though we are still not convinced of the “world is healing” narrative.We continue to struggle to see any material further potential in the GBP rally, as e.g. GBP/USD seems to have fully priced in the Brexit by 1st of Feb by now – prediction markets price in >90% chance of Brexit by 1st of Feb. Buy the rumor, sell the fact?We have also noted how AUD rates expectations remain fairly depressed despite easier financial conditions in Asia in general. Usually AUD FRAs react with a time-lag of 60-90 trading days, when Asian financial conditions improve. First Asian markets improve, then (some) Asian key figures stabilize and then AUD gains.The slightly less esoteric FX manager may want to add the long AUD position against NZD instead. It is usually a good idea to lean short in NZD, when it has gotten this much stronger than the RBNZ projection (currently almost 3%).