The best-performing currencies in 2024 will be AUD and NOK – ING

In the view of economists at ING, the best-performing currencies next year will be those which are most undervalued – step forward the Australian Dollar and the Norwegian Krone.

The currencies of Australia and Norway to outperform

Currencies prepared to challenge the Dollar are going to need some help. And both the AUD and NOK are packing undervaluation in their armoury. 

These are the currencies most undervalued according to our medium-term fair value model, where divergence from better export prices is the core story.

In effect, the higher US rate environment has prevented these currencies from aligning with the commodity price rally seen in the second half of this year.