Deutsche Bank
FX Blueprint 2026: The Great Rotation
LIVE12 December 2025USD bearish
Back to CurrenciesBullish
AUD/USD
Commodity and carry double play
DB Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
RBA policy
Commodity demand
China outlook
Risk appetite
Technical setup
All Firm Targets (Dec '26)
INGVery Bullish0.7300
DBBullish0.7200
MSBullish0.7100
GSBullish0.7000
MUFGBullish0.7000
BofABullish0.7000
BARCBullish0.6900
JPMBullish0.6800
Key Issues for 2026
1.RBA higher for longer provides G10 carry advantage
2.Green transition metals demand structural
3.China stabilization reduces tail risk
4.Risk appetite from Great Rotation supports AUD
5.Technical breakout potential from triangle base
Analysis Summary
AUD benefits from RBA higher-for-longer, commodity demand tailwinds, and China stabilization. The Great Rotation supports broad risk appetite which benefits AUD as a high-beta G10 currency. AUD/USD 0.72 achievable.