Credit Suisse likes to buy deep AUD/NZD dips into the 1.0590-1.0650 area over the coming weeks.
"New Zealand’s heavy reliance on tourism has led to a particularly severe growth contraction, but also makes for a potentially sharp rebound once international borders are opened again. The current assumption, as held by the government and the RBNZ, is that international borders will be closed until the end of 2021,"CS notes.
"NZD will be very distinctly affected by news on vaccine timing and availability. Combined with the prospects of a dovish RBNZ in 2021, this leaves us looking to buy deep AUDNZD dips," CS adds.