The RBA needs Yellen's help on the Aussie dollar

Reserve Bank governor Glenn Stevens' jawboning won't drive down the dollar to US85 cents, but a rallying greenback will. But more heavy lifting needs to be done by the Fed.

After a stint on the sidelines, Reserve Bank of Australia Governor Stevens took the opportunity to resume attempts to talk the Aussie dollar down last week. It was a timely return given the recent surge, but is it enough to send it lower?

It was the first time the RBA governor had been so explicit about the value of the Aussie dollar since he talked of 85 US cents as ‘fair value’ at the end of last year, with some analysts saying the currency could be as much as 12 per cent overvalued. Of course, currencies rarely trade at ‘value’, with this very term being quite subjective and of little significance, anyway.

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