The price put on our currency by the market seemed at odds with other things and that episode saw the first use of results from a model in a speech by a Reserve Bank Governor to demonstrate that point (see Macfarlane 2000). BIS central bankers’ speeches  3  the nominal rate. As hedging markets develop the cost of short-run noise is usually lessened.
In my view the flexible exchange rate has helped adjustment in the real economy in its own right. The combination of allowing monetary policy to operate effectively and fostering real economic adjustment is very important.