The realized 60-day rolling correlation between the Australian dollar and the S&P 500 — the canonical risk-on/risk-off co-movement gauge.
How to read Positive = AUD currently trading with risk assets (risk-on co-movement); near zero / negative = decoupled.
A realized rolling correlation (descriptive co-movement), NOT a regime classifier (that academic method was refuted) and NOT a forecast. Safe-haven status is context-dependent — JPY's 2022–24 behaviour broke the pattern.