If a rise in the US Federal Reserve interest rate triggers an international flow of funds, don't presume the US dollar will shoot upwards as a result. Quite the opposite, said Saxo Bank chief economist Steen Jakobsen.

"The first currency I will buy when the Fed hikes will be the Australian dollar," said Jakobsen, on a visit from the bank's Denmark headquarters. "I expect an outperformance of the Australian dollar in the first six months of next year."