eFXdata reports that ING Research maintains a bearish bias on AUD/NZD.

"AUD remains more exposed to downside risks than NZD in our view, considering: a) iron ore prices could fall again (they are still well above their 2020 average); b) the Covid crisis in Australia remains serious, with lockdowns likely to remain in place in September, while the exit from recent restrictions in New Zealand appears more imminent; c) AUD cannot count on a domestic monetary tightening prospects," ING adds.