The AUD/NZD currency pair, which expresses the value of the Australian dollar in terms of the New Zealand dollar, is effectively a market-based measure of the relative strengths of the Australian and New Zealand economies. Both AUD and NZD are also commodity currencies, due to the relative importance of these economies' commodity-export industries, and so both tend to correlate positively with global risk sentiment (which we will abbreviate: GRS).
Since AUD and NZD both correlate in a similar fashion, we might not expect any particular bias here with respect to GRS. This is indeed largely