Stephen, what do you make of the lacklustre performance of the AUD against other (non-commodity) currencies in recent years, like the Euro? The AUD/EUR was relatively strong in 2022, but is now down below pre-pandemic levels despite commodity prices in your chart remaining well above pre-pandemic levels.
Why is the Australian dollar so weak?
Stephen, what do you make of the lacklustre performance of the AUD against other (non-commodity) currencies in recent years, like the Euro? The AUD/EUR was relatively strong in 2022, but is now down below pre-pandemic levels despite commodity prices in your chart remaining well above pre-pandemic levels.