Analysts are yet to adjust their earnings forecasts to account for the plunge in the Australian dollar since Donald Trump’s decisive election victory last year, meaning ASX stocks could surprise investors with either upgrades or downgrades in the upcoming February reporting season.

The local currency has fallen more than 9 per cent from a peak of US69¢ in September to now sit at around US62.53¢. The rapid decline has been fuelled by a stronger US dollar as well as the different interest rate expectations between Australia and the US, and concerns about how China – Australia’s biggest trading partner – will react to Mr Trump’s aggressive trade policies.