The greenback was the trade of the year, the next one is up to Musk
Getting diversification across currencies was one of the best trades of 2024. But the year ahead is complicated by the advent of the new Trump regime in 2025.
It is an opportune time to reflect on lessons learnt over the past 12 months. While much played out as expected, with stubbornly sticky inflation restricting the extent to which central banks could lower interest rates, there were also surprises.
At the start of 2024, financial markets were thinking the Reserve Bank of Australia’s cash rate could fall as low as 3.7 per cent by December. That would be equivalent to pricing in almost three rate cuts by year-end.
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Christopher Joye is a portfolio manager with Coolabah Capital, which invests in securities, including those discussed in his column. Connect with Christopher on Twitter.
