Westpac's G10 FX model notes that "the leap...>

FOREX: Westpac's G10 FX model notes that "the leap into AUD longs has proven

short-lived, the model 6% short after last week's 9% long, a weaker total yield

signal the main culprit (AUD/USD short term bond spreads hit new cycle lows last

week). The model builds substantially on last week's CAD long, lifting it

aggressively to 28%, stronger than expected GDP data and persistent gains in

energy prices via our short term logit probability based macro momentum signal

the main catalysts. The model's enthusiasm for the USD continues to ease, the

position down to 4% this week, mainly due to a weaker total yield signal as the

USD bullish momentum in short term yield spreads throttles back."