AUD Value Broadly Consistent With Fundamentals

"After depreciating significantly during the height of the market turmoil in March, the Australian dollar has since appreciated to be a bit above its level at the start of the year. This appreciation is in line with the currencies of a range of other advanced economies against the backdrop of a broad-based depreciation of the US dollar over recent months. The Australian dollar is now in a range that is broadly consistent with its fundamental determinants, namely the terms of trade and the differential between interest rates in Australia and rates in major advanced economies."

• "The Board concluded that, at a time when the value of the Australian dollar is broadly in line with its fundamentals and the market was working well, there was not a case for intervention in the foreign exchange market. Intervention in such circumstances is likely to have limited effectiveness."
• In line with recent communique.