Westpac note that "the Aussie was very.......>

AUSSIE: Westpac note that "the Aussie was very stable inside $0.73-0.75 from

late June to early August, before finally breaking down to 19 month lows near

$0.72 mid-August on Turkey-inspired global risk aversion. Such levels were quite

oversold when judged by our short-term fair value estimate, which held nearer

$0.75. AU-US yield differentials have been broadly stable in recent weeks, while

Australia's key commodity prices have been mixed, overall holding well within

2018 ranges. Still, AUD risks probably do still lie to the downside in September

(sub-$0.72), given the confluence of FOMC meeting, US review of China tariffs

and EUR/Italy budget risks. During Q4 we see AUD back to $0.74."