"There are lots of headwinds and that will be reflected in our currency. I won't be surprised if we see below US70¢ in the first half of 2015."

Against a basket of currencies of Australia's major trading partners, the dollar is at 66.7 on a traded-weighted basis. On this basis the Aussie is down just 7.2 per cent since September, however, against the US dollar it is down 12 per cent in the same period.

"There's the difficulty for the RBA – half the weakness has been the US dollar strength. What the RBA wants to see and what will happen is there will be weakness in the Australian dollar rather than US dollar strength. And that's why it has further downside," BlackRock head of fixed income Stephen Miller said.

In the near-term, the Australian dollar stands to benefit against the euro after the Swiss National Bank sent currency markets into a frenzy by scrapping a three-year old lid on the franc.

The Aussie has jumped 2.4 per cent to 70.75 euro cents following the Swiss central bank's removal of a 1.20 francs per euro cap, brought in 2011 to fight currency overvaluation and 0.9 per cent against the US dollar to US82.28¢