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Central bank says weaker Australian dollar would aid recovery
RBA Weighs In on Currency, Saying a Weaker Dollar Would Help Recovery
By Sarah Turner
Australian Financial Review, Sydney
Tuesday, September 15, 2020
The Reserve Bank concedes a weaker dollar would help the economy recover from its historic COVID-19 recession, breaking its silence to agree with the blue-chip companies that warn of exchange rate pain.
The central bank's comments, revealed in the minutes of its September policy decision, came a day after Macquarie Group flagged that its first-half result would drop sharply partly because of the stronger Australian dollar.
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The investment bank generates about two-thirds of its earnings outside Australia, prompting broker UBS to downgrade its forecasts for Macquarie's earnings per share for this financial year and the next due in some degree to an "unfavourable currency translation impact." ...
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