Westpac note that "AUD fell about 15%...>

EURO-AUSSIE: Westpac note that "AUD fell about 15% against EUR from Feb 2017 to

Mar 2018, albeit with periods of consolidation. The past month has seen the pair

relatively steady, with both EUR and AUD falling against a recovering US dollar.

EUR outperformance in early 2018 has waned as the ECB leadership has pushed back

against hawkish members, supported by a cooling in Eurozone activity and survey

data. Moreover, Eurozone core inflation has shown no sign of acceleration from

the 1% area. Yield differentials seem unlikely to be critical for AUD against

EUR over the next few weeks. The RBA is firmly on hold, while the ECB is in no

rush to even discuss the outlook for its asset purchases after Sep 2018. US-led

trade tensions remain a cause for concern for both Australia and the Eurozone,

with AUD to suffer more if US tariffs on China are confirmed and China

retaliates in the weeks ahead."

- Westpac suggest that "if Eurozone data remains muted and Australia's key

commodity prices continue to stabilise after March's slide, AUD near term looks

more likely to probe the stronger side of recent ranges, as opposed to setting

new 2018 AUD lows."