The AUD has struggled to gain any real traction today, however locally traders have seemed more interested in whether the ASX 200 could make it eight days in a row of gains. Unfortunately (for the bulls) the index has found good sellers and it seems the investment banks can be partially to blame for this, with Citigroup taking the cleaver to Westpac and National Australia Bank's (NAB) rating, lowering them to a 'neutral' and 'sell' call respectively. Morgan Stanley went slightly further and said in a research note that it sees a 70% to 80% chance that NAB will fall in the next 60 days. It feels the 1H14 earnings result on May 8 will 'highlight revenue headwinds in business banking and an end to the era of positive cost surprise'. Perhaps this note is gaining traction given NAB is the underperformer. (VIEW LINK)

Chris Weston

Cheers James

James Marlay

Some good info in that note Chris.