AUD: number of risk events ahead that could take a toll

From ANZ's weekly outlook for FX, this on the Australian dollar

• ANZ assess fair value for the AUD/USD at 0.70
• Are neutral on it for the week
• For the months ahead they are bearish

Citing:

• the long awaited squeeze in the AUD is materialising. This looks to be little more than a positioning adjustment, with few substantial changes in train. The domestic data flow is positive, but this is well understood by markets and largely priced in. Importantly, the global environment continues to dominate moves, and we see a number of risk events ahead (US-China tension, Brexit, mid-term elections) that could take a toll on the AUD.