Australia'sTreasury Department said Friday intervention in the currency markets to depreciate the near-record Australian dollar would be either ineffective or cause greater macroeconomic instability. Some business groups and unions have called for policy action to lower the currency, be that through direct intervention in currency markets or through lower interest rates, as exporters not linked to the mining investment boom feel the pain of lost competitiveness. The Australian dollar has risen about 70% since the global financial crisis in 2008 and is currently trading near US$ 1.0515. The treasury said the ... (full story)