The Australian dollar extended its decline for the fourth trading session today after Reserve Bank Governor Glenn Stevens suggested that the currency may weaken significantly.
Stevens said today:
These levels of the exchange rate are not supported by Australia’s relative levels of costs and productivity.
He concluded:
So it seems quite likely that at some point in the future the Australian dollar will be materially lower than it is today.
The comment hurt the Aussie that was already under selling pressure.
AUD/USD fell from 0.9572 to 0.9499 and AUD/JPY dropped from 93.47 to 93.01 as of 13:48 GMT today.
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