Question Concerning API CMD-260 Drive Current Setting

I have a question about the appropriate current setting on my API
CMD-260 bipolar drive. I will be using a Powermax II Bipolar Stepper
motor which is rated at 2.3Amps per phase when the phases are wired in
series. From data gathered at the API website it appears that the
proper drive current setting for this motor in a series configuration
is calculated as: 2.3Amps x 0.707 = 1.63Amps . Therefore, a
conservative drive current setting of 1.5Amps should be selected. I
don't know how the API conversion factor of .0707 was derived. If I
am correct, a dip switch pattern of '10100' should set the drive to
1.5 Amps. Is this the correct drive current setting for this motor?
If not, what would the correct setting be? Any help will be greatly
appreciated. Thanks - Dan.