Westpac is looking for another leg lower in the US dollar and suggests selling the Dollar Index on a break of 99.40. The bank highlights 99.40 as key support over the past two months and would sell a downside break, targeting 98.00 with a stop at 99.90. Westpac said a benign July CPI report along with convincing steps towards reopening the Strait could provide the catalyst but we haven't seen that this week. Elsewhere, Westpac is sticking with its long GBP basket, a trade it entered on July 10 on the idea that the UK's "governability risk premium" could compress. The basket is long sterling against the US dollar, euro, Swiss franc and Swedish krona, with the largest weighting against EUR.