We see scope short-term for the Australian dollar to trade higher. You can't argue the commodity story is hurting the Australian dollar.
The Singapore dollar is a good proxy for the yuan as Singapore is an open economy. When sentiment on the region and the yuan is strong, that's going to benefit the Singapore dollar.
The sharp rally in the dollar is entirely justified by the unexpectedly good news for the U.S. current account financing equation. It certainly provides a considerable degree of comfort.
Australia's dollar is obviously growth sensitive and the market won't muck around in pricing it down when commodity prices fall.
Strong commodity prices certainly do the Australian dollar no harm. But as we have seen, yield spreads are far more potent for the Australian dollar.