Morgan Stanley Research summarizes its tactical views on AUD and NZD.

"AUD View: Bullish | Skew: Bullish We stay bullish AUD after Governor Bullock's hawkish tone in August. Carry is high, implied vol unusually low and risk appetite firm, so we look for 0.75 in the coming quarters.," MS notes.

"NZD View: Neutral | Skew: Neutral We see AUD/NZD holding near 1.20. Inflation expectations have cooled, and with unemployment rising and a September hike fully priced, we think risks skew lower into card spending," MS adds.