JustMarkets 2024 Year End Target for AUDUSD
JustMarkets is bullish on the Aussie dollar against the US dollar in 2024. The Reserve Bank of Australia (RBA) hiked its key interest rate by 25 bps in November, breaking the pause trend typical of most other developed market central banks.
JustMarkets also believes that the US dollar is over. The Federal Reserve will keep rates at 5.5% for some time, but the US dollar will start to lose ground on the expectation of further rate cuts. In fact, this is may already be underway.
According to economic models, the real AUD/USD is trading more than 20% below its fair value. Therefore, there is every reason to consider AUD/USD as a long-only scenario with targets 0.7-0.71 by the end of next year.
JustMarkets also believes that the US dollar is over. The Federal Reserve will keep rates at 5.5% for some time, but the US dollar will start to lose ground on the expectation of further rate cuts. In fact, this is may already be underway.
According to economic models, the real AUD/USD is trading more than 20% below its fair value. Therefore, there is every reason to consider AUD/USD as a long-only scenario with targets 0.7-0.71 by the end of next year.
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