Westpac fair value AUD model - "A$ finally prints ‘cheap’ "

This via Westpac's Robert Rennie (Head of Research) on the bank's Australian dollar model

A$ finally prints 'cheap' to the WestpacMarkets fair value range, below 0.7200.

However, far from stretched in terms of longer term deviation.

The A$ could fall below US$0.69 for instance before it becomes as stretched from average fair value as it was in December 2016/ Jan 2017.