ANZ recommend buying AUDNZD: "In........>

AUSSIE-KIWI: ANZ recommend buying AUDNZD: "In itself the fact the AUDNZD is well

below our estimate of fair value does not necessarily provide a strong reason to

turn more bullish on this cross. Periods of misalignment can linger for some

time. However, we believe the risk-reward is now pointing more in the direction

of a corrective move higher. We see the potential that prices for whole milk

power - New Zealand's largest commodity export - will face a sterner test over

the next few GlobalDairyTrade (GDT) auctions. We also consider the approaching

New Zealand Q1 CPI release to be an interesting event, as risks look skewed

towards another soft outcome. That said, we acknowledge that the global trade

picture remains highly fluid, and the potential for further escalation in

protectionist fears remains, which could possibly lead to further AUD

underperformance. Therefore we think a relatively tight stop (1.0440) is

prudent."