Our fair value estimate for the $A/$US is around $US0.66 vs the spot price of $US0.63 (on 17 March). This suggests some upside risk if trade tariffs were not an issue for growth. However, no one will win a global trade war and if the fallout is weaker global growth, then the AUD could easily trade lower. China’s response to the global trade war is important for the Australian dollar. ...