$AUDNZD NZ 4Q consumer prices rise 3.1% y/y; est. +3.0% AUD/NZD fairly valued around 1.1550/1.1600 However, given the outlook for rate hikes from the RBA has been mostly discounted by the market while rate hikes from the RBNZ have not, I expect AUDNZD to give back some ground towards 1.1300/50 over the coming months.