Australian exchange rate about where the RBA wants it

Over the three months since the August forecasting round, Australian exchange rate has continued to ease, albeit moderately, owing to a small rebound in October which partly reversed the sizable drop of September. 

Still, the Governor's comment from mid-September that it was hard to say that the currency is misaligned with fundamentals in all likelihood remains valid. 

"Aggressive market pricing for a near-term rate cut in Australia almost certainly contributed to the renewed slide in recent days, and this is a risk to the prediction that the RBA will hold interest rates at the current level", says Societe Generale.