RBA's Lowe: AUD's depreciation is helping the economy

"The recent slide in the Australian Dollar is boding well for the economy", the Reserve Bank of Australia's Governor Lowe said on Friday while testifying before the House of Representatives' Standing Committee on Economics. 

The AUD/USD pair fell from 0.7082 to a 10-year low of 0.6677 in three weeks to Aug. 8. As of writing, the pair is trading at 0.6814, representing 0.46% and 3.25% losses on a month-to-date and year-to-date basis, respectively. 

Earlier comments

• Prepared to use unconventional policy if it's warranted.
• It is unlikely but possible that we head to the lower bound; hope to avoid doing so.
• RBA Governor Lowe: depreciation in the Australian Dollar is helping the economy.