AUD underperforms and remains bottom of......>

AUSSIE: AUD underperforms and remains bottom of G10 at the NY crossover with

losses of 1.32% on the week. Wednesday's move by Westpac to raise its variable

mortgage rate to counter rising funding, with added weight from overnight RBA

remarks that said high debt levels could complicate future policy decisions,

pressure to extended session lows of $0.7227. The outlook remains bearish with

focus on the ytd low at $0.7203, a break here is likely to accelerate the move

to $0.7160, which holds support from the Dec23 2016 low. Reminder of the large

option expiries at $0.7250(A$1.17bn), $0.7290-00(A$1.15bn) and

$0.7315-20(A$1.43bn) for today's NY cut (1000ET). Also, a busy data schedule

next week with Retail Sales, RBA rate decision and GDP all due for release.