CHART: The Aussie Dollar Is Getting Smoked

The Australian dollar is getting bashed lower against the USD after RBA Governor Glenn Stevens said it was more than a few cents overvalued.

The AUD was down almost three-quarters of one per cent against the US currency at $0.9377.

Stevens also signalled that low interest rates are here for some time to come because much of the benefit still has to work its way through the system.

He said: “Lest there be any uncertainty about this, let me be clear, again, that the exchange rate remains high by historical standards.”

Now Read: RBA Governor Glenn Stevens Just Gave Traders A Few Home Truths About Australian Growth

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