The Fed has held, as expected. China has lowered interest rates to cushion its domestic economy from the Liberation Day tariff shock. Those lower rates have unleashed extra funds going out of China and into Hong Kong, putting upward pressure on its currency peg with the US dolllar. And New Zealand jobs data was soft, despite a better than expected unemployment rate.

In our bonus Deep Dive interview, ANZ’s Senior Rates Strategist Jack Chambers explains how Australia’s A$4 trillion pension savings system is improving Australia’s current account deficit.

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