Is the Australian dollar still overvalued?

Elsewhere yesterday, the Australian dollar dropped off against many of its peers, hitting 5-year lows against its New Zealand counterpart following the release of monetary policy meeting minutes overnight on Monday. The minutes illustrated how the central bank is maintaining the option of further loosening monetary policy, and may not be done cutting interest rates which have already dropped by 2.25% over the last few years to 2.5%. Officials continued with the sentiment they have held in recent months that the currency is still overvalued, having already depreciated by 14% in 2013. The Swedish krona managed to remain fairly stable despite a rate cut from 1% to 0.75% as the move was widely anticipated. The Canadian dollar continued its difficult start to the week, trading at three-year lows amid speculation surrounding US monetary stimulus tapering. Overnight last night we had business confidence figures, and this evening we have GDP figures, both from New Zealand. Get in touch with your trader for a live rate.