ANZ write "that the Australian dollar's......>

AUSSIE: ANZ write "that the Australian dollar's recent leg down has pushed it

below USD0.70 - that is, below the trough we forecast for this cycle. The global

outlook has deteriorated sufficiently that it no longer provides a plausible

cushion to the inevitable reduction in domestic rates. As such, we have lowered

the trough in our forecast to USD0.65. We resisted an earlier downgrade to our

forecasts because our base case had been that US-China trade tension would ease,

improving the external outlook. That would have offset domestic weakness and the

anticipated RBA easing cycle (which will weigh on the AUD). However, with trade

tension escalating and the likelihood of a resolution dimming, we think the

external environment will shift from being an offset to soft domestic conditions

to becoming a headwind. This means both the domestic and external stories are

pointing to more substantial weakness for the AUD in 2019."