Exchange Rate Forecasts 2024

Institutional analysts are revising lower their forecasts for the Euro against the Dollar following a recent reappraisal of where interest rates in the U.S. and Eurozone are headed in the coming months.

Dollar weakness in the second half of 2024 is a high-conviction call for economists at Wells Fargo, one of the biggest main street lenders in the United States.

Expect a resilient Australian economy and currency, thanks to improved trade with China and a slow pace of rate cuts at the Reserve Bank of Australia (RBA).

One of Wall Street's biggest banks has raised its forecasts for the British Pound, saying it can benefit from its newfound status of "the USD of Europe".

The Canadian Dollar will appreciate against the Euro, Pound and U.S. Dollar over the duration of 2024, according to the latest currency research update from the Royal Bank of Canada.

Nedbank expects the rand to remain under pressure until the uncertainties around the election and the fiscal trajectory have been resolved.

The New Zealand Dollar will be one of 2024's star performers, according to strategists at a leading Scandinavian bank.

Independent research company Capital Economics says, "Sterling has further to fall against the U.S. Dollar."

Global payments firm Argentex says 2024 will be characterised by further Pound Sterling resilience, with a potential boost coming from elections due in the second half of the year.

The Dollar has not run out of gas just yet and should lead the pack in 2024, according to new research from HSBC.

A leading Swiss bank tells clients to expect notable downside in the Pound to Franc exchange rate over the course of 2024.

NatWest expects the British Pound to steadily advance against the Euro and Dollar until about the third quarter of 2024 before paring gains into year-end as the Bank of England takes a knife to interest rates.

The Australian Dollar struggled for much of 2024 as China's post-COVID economic recovery failed to impress, and the Reserve Bank of Australia proved a reluctant hiker regarding interest rates.

Foreign exchange strategists at investment bank Morgan Stanley say they are "most negative" on Pound Sterling in the G10 space for 2024.

"Upside ahead," says an Australian banking and capital markets giant laying out its predictions for the Australian Dollar.

According to a year-ahead outlook briefing from one of Scandinavia's biggest banks, the Euro to Dollar exchange rate can rise to 1.11 before a multi-month decline sets in.

The New Zealand Dollar is set to embark on a recovery against the U.S. Dollar in 2024 according to research from one of New Zealand's biggest financial institutions.

The consensus expects the Australian Dollar to rally in 2024, but analysts at one of Scandinavia's biggest banks and capital markets firms are rowing against the flow and are sellers in 2024.

It's a counter-consensus call for U.S. Dollar strength in 2024 from one of the world's banking giants, resulting in the Euro to Dollar exchange rate ending the year closer to parity than 1.10.

Recent events have overtaken Goldman Sachs's base-case assumptions for 2024, and economists at the Wall Street bank have announced adjustments to their dollar forecasts before the new year begins.