(Graph 5) In part that is because the depreciation of the Australian dollar in September only saw it partly catch up to the depreciations which other currencies had experienced in previous months. So for instance, the Australian dollar is still 6 per cent higher against the euro since the beginning of the year.
Why the Australian dollar held up for longer than other currencies prior to September is not clear. (Graph 6) Again, the Australian dollar has depreciated in recent weeks, but on a trade-weighted basis is only back to levels of earlier in the year.