The recent surge in the Australian dollar has led to a sell-off in stocks of companies exposed to US dollar earnings, but Macquarie reckons the falls have been overdone.

Buoyed by speculation the next move by the Reserve Bank will be a rate hike as well as a weakening greenback, the Aussie jumped to a two-year high of US80.66¢ late last month, rising 4 per cent in July and 11 per cent since the start of the year.