Macro outlook: Central banks have returned to currency war. The artificial devaluation of major currencies and underlying strength in the Australian economy has driven the AUDUSD back above 75 cents. We see real risk of AUDUSD trading above 78 cents with dovish US Fed. The US Fed meeting later this week remains the key speedbump for the markets. The markets are assuming that the US Fed will be dovish and downgrade outlook while pushing back on rate rise plans. In that scenario, the USD will weaken and the market will be forced to chase yield and drive Australian bank sector higher with the currency. We maintain our view to wait for the US Fed outcome to buy into the bank sector. (VIEW LINK)