A lesser lustre for the Australian dollar

Re-emergence of market risk, rate cut expectations and soft commodity prices have undercut support for the Australian dollar, but it should remain at levels that are still historically high.

Apart from the fact that it was a silly idea anyway, Paul Howes’ plea for changes to the Reserve Bank’s charter to allow it to try to actively influence the value of the Australian dollar was poorly timed, given that the dollar is now trading at its lowest levels in three months and about 7.5 cents below last year’s peak.

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