The Australian dollar’s relentless rally is prolonging the pain for hedge funds that have been betting against it all along the advance. They’re hoping that economic data this week will bring succor. The currency, which is a proxy for risk appetite, has rallied as much as 27% against the greenback from a 18-year low in mid-March amid expectations of a global economic recovery on easing lockdowns. The Reserve Bank of Australia refrained from talking down the currency last week, fueling further gains. Meanwhile, hedge funds wagering that a slowing economy will trim the currency’s gains are feeling the squeeze. Patience ... (full story)