Is the Australian dollar still overvalued

Elsewhere, it has been a week of two halves for the Canadian dollar. Starting off on a weak footing, the currency hit 3-year lows against its US counterpart on Wednesday following a statement from the governor of the central bank in which he eluded towards future rate cuts, highlighting the dangers of low inflation. It then recovered slightly yesterday, appreciating for the first time in five days amid speculation that Canadian employment growth suggests stronger economic improvement that previously thought, and that the Bank of Canada had indicated. We also saw the Australian dollar have a tough time of things, with policy makers suggesting the currency is overvalued, and that should it remain at these levels it may have a detrimental impact on the export-reliant economy. We saw further weakness on Wednesday, following worse than forecast GDP figures. Yesterday we saw the Indian rupee touch five-week highs. Looking forward to today, we have employment figures out of Canada. Get in touch with your trader for a live rate.