"AUD lacks any catalyst to pursue a sustained move higher"

From ANZ looking at the Australian dollar ahead. The bank nominates 0.73 as fair value for the currency pair:

The AUD lacks any catalyst to pursue a sustained move higher, not least because the domestic data flow remains uninspiring from an RBA rate hike perspective.

• The global environment will continue to dominate moves.
• While positive sentiment should see the AUD outperform, the threat of a trade war means it is hard to bank on a sustained relief rally.
• Risks around the housing market may also weigh on the Aussie.