Australian Dollar is one of ING’s favourite currencies for next year.
AUD in a very advantageous position
Our favourite currency in 2024 is the Australian Dollar. High US rates and weak Chinese growth have repressed it and made it the most undervalued currency in the G10 space.
The release valve of lower US rates should allow the Aussie to lead the currency recovery against the US Dollar. A hawkish Reserve Bank of Australia should not hurt either.
AUD/USD – 4Q23 0.64 1Q24 0.65 2Q24 0.67 3Q24 0.69 4Q24 0.71