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AUD/NZD makes a break for it
This pair has been a bit messy over the past few months as central bank divergence has given way to rallying commodities, especially iron ore, being one of the main drivers. Positioning too, of speculators and the big players has also played a part more recently. The net short in the aussie remains the second largest single currency directional bet among the major currencies. Meanwhile, the more neutral kiwi positioning currently, reflects a sizable reversal in its short positioning seen last week. Improved Chinese growth sentiment including the surprise PBoC rate cut has helped China-sensitive currencies like the ... (full story)