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

"AUD View: Neutral | Skew: Neutral. We expect growth headwinds from fiscal tightening and a higher RBA policy rate to be offset by AUD-supportive hedging flows," MS notes.

"NZD View: Neutral | Skew: Neutral. We do not recommend long NZD positions despite a rise in 1Q non-tradeable inflation; sluggish growth diminishes the extent to which NZD can benefit from higher rates," MS adds.