Finally, the jawboning seems to be working. Reserve Bank chief Glenn Stevens has said many times over the past year that the Australian dollar is overvalued and should fall.
And now it has, down 7% from just under 0.94 USD in early September to just over 0.87 USD yesterday. Since early 2013 it has slumped 18%. But as Cicero might say, cui bono (who benefits) and just as importantly, who suffers?