From the AFR:
The currency benefits of investing in blue chips stocks such as Rio Tinto, BHP Billiton and blood products group CSL that pay dividends in US dollars are fading, with equity strategists tipping the dollar doesn’t have too much further to fall and prioritising franking credits over currency plays.
…Matthew Ross, head of portfolio strategy at Goldman Sachs says the big adjustment in the Australian dollar has already happened, even though it is likely to head a little lower still – towards $US0.72 by this time next year.