China tailwinds set to carry Aussie Australia's elections at the weekend arguably proved a non-event for FX markets, but investor attitudes towards the Aussie could be reshaped by better economic data out this week from there and China. The end of the commodities supercycle has underpinned a rough ride for the Australian currency of late. Speculative bets turned bearish in May, and the latest figures showed shorts only just below their August high. But the mood music may be changing, after a strong week for the Aussie that has seen it rebound nearly 4 per cent from its lows for the month. That trend could be reinforced by NAB consumer confidence data on Tuesday and unemployment figures out on Thursday. But even more so by strong Chinese industrial figures, also out on Tuesday, such is the dependency of the Australian business cycle on its most important trading partner. China tailwinds are set to carry the Aussie back to its 100-day moving average of $0.9440. Morgan Stanley is switching to a long AUD/NZD position, arguing that a divergence in the antipodean currencies is about to take place. New Zealand's rate-setting meeting takes place on Wednesday with MS analysts anticipating a dovish tilt that could undermine the Kiwi.