The tale of the Antipodean currencies this year has been one of underperformance. China risk dominates both AUD and NZD, with the kiwi suffering most on a relative basis. Soft data and the zero-Covid policy in China plus associated restrictions mean the recovery still lags, forcing the PBoC to cut rates this week to stimulate the economy. While certain commodities have really taken off this month, general risk appetite and the drop in stocks has also taken its toll on both currencies. But the jobs data overnight in Australia has sparked a bullish move in the cross with a solid beat on the headline print and the ... (full story)