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Politics

Australia hurt by currency 'Cold War' from Fed, ECB and BOJ

Jackson Hole summit shows desire to weaken major currencies

| Japan

Australia's central bank governor Philip Lowe did not make it to last month`s Federal Reserve annual summit in Jackson Hole, Wyoming. But judging from the buzz at central banking's answer to Davos, Lowe will be dealing with the fallout from those discussions 8,000-plus miles away for some time. 

Even before the central bank chiefs of the U.S., Europe and Japan -- Janet Yellen, Mario Draghi and Haruhiko Kuroda -- arrived in the heart of Grand Teton National Park on Aug. 24, their Australian counterpart was fretting over a 10% appreciation in his currency this year. Reserve Bank of Australia Gov. Lowe warns it is eroding competitiveness and denting the outlook for employment and domestic output. 

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