While I don't have an opinion on the direction of the USD or AUD for now, but I don't think the deflationary period is over. If deflation were over, then gold should be rising, especially when supply is under constraint. The Fed is already tightening quietly, but the market hasn't noticed this. The emerging world is driven by construction in commercial and transport infrastructure - fancy office towers, high speed trains, airports. Many projects have been halted due to lock downs. As the lock downs are lifted, they will be completed. This will provide temporary boost to economies. Once these projects are completed, with all the work from home, zooming, I doubt countries will be building new airports, train stations and office towers for the time being, especially when existing airports and train services will all be bleeding like mad and need bailout using public funds.