VIEW: ANZ note that "many have wondered.........>

RBA: VIEW: ANZ note that "many have wondered whether the recent rally in the

AUD, would catch the eye of the central bank. But we find that, historically,

the RBA's focus on the currency has been closely linked to valuation, rather

than absolute levels. The rally has come from a position of currency

undervaluation and is aligned to improvements in both risk appetite and global

growth prospects. As a result, at this stage, the move is unlikely to warrant

attention from the RBA. Should the improvement in growth fundamentals stall, but

the AUD continue to rally alongside improved liquidity, we think the currency

will attract the RBA's attention above US$0.70, and become a larger

consideration for the setting of policy above US$0.75."