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Westpac's G10 FX model has "a moderate 7%.....>

FOREX: Westpac's G10 FX model has "a moderate 7% short USD position in the new
year. Our growth and yield signals for the USD have waned lately but they still
remain positive; the bigger negative is coming from our logit based short term
macro momentum signal, which is turning negative on the USD as risk appetite
starts to recover. Valuation is increasingly problematic too, both our long term
PPP and short term financial market fair value signals turning negative on the
USD. NZD remains a notable short for the model (-19%) while the model starts the
year neutral on AUD and mildly constructive CAD thanks to recent bounce in
energy prices."

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