Economists at UBS expect the US Dollar to remain strong before softening as 2024 progresses.
RBA to keep rates elevated until at least 4Q24
The US Dollar looks likely to stay well supported in the coming months thanks to relatively resilient US economic data. But as 2024 progresses, the USD may weaken slightly in response to slowing US growth and more flexible Fed policy.
We maintain a neutral view on the US Dollar and believe investors should look to sell the Dollar on rallies.
We have a most preferred view on the Australian Dollar, as we see risks of another hike by the Reserve Bank of Australia and expect it to keep rates elevated until at least 4Q24 as it continues to fight inflation.
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