The Australian dollar has hit its highest level this year so far, buying 68.6 US cents. NAB’s Head of FX Strategy, Ray Attrill, says the dollar could buy nearly 70 US cents by the end of 2024.
He says tailwinds for the Aussie dollar include the US Federal Reserve’s recent 50 basis point cut, as well as new rate cuts from the People’s Bank of China and a raft of support measures to ensure the Chinese economy hits its growth target.
Ray Attrill says there are downside risks too, including the potential introduction of widespread tariffs in the event of a victory by Donald Trump at November’s US Presidential Election.
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