Long AUD - WPAC model 'refuses to quit'

An update from Westpac on its G10 currency modelling

On the Australian dollar:

• Model sticks with a 'risk-on' lean
• The model simply refuses to quit its long AUD position
• If anything it has been lifting its exposure lately
• Ongoing healthy external accounts, $100+ iron ore prices and low global volatility account for the bulk of the model's ongoing constructive AUD stance.