Westpac note that "the Aussie's mid-August...>

AUSSIE: Westpac note that "the Aussie's mid-August slide to $0.72 on

Turkey-inspired global risk aversion left it quite oversold when judged by our

short-term fair value estimate, which remains near $0.75. AU-US yield

differentials have continued to drift in the US dollar's favour in recent weeks

but Australia's key commodity prices have been mixed, overall a little higher

since mid-August and a long way above March lows. Still, AUD risks probably

remain to the downside in September ($0.70 handle), given the confluence of FOMC

meeting, US review of China tariffs and EUR/Italy budget risks. By year-end we

see AUD/USD back to $0.73."