Australian Dollar Forecasters Predict End of Winning Streak

The Australian dollar's two-month winning streak may be coming to an end, according to top forecasters. The Aussie has been rallying due to bets on another central bank interest-rate hike.

However, some of its top forecasters are warning that these bets have gone too far and the currency will soon begin to fall.

According to SB1 Markets AS, the Australian dollar will drop as much as 3.7% by year-end. Banco Santander SA also expects it to decline to 70 US cents by the end of the year, while Danske Bank AS predicts a similar retreat to that level as early as December.

The currency closed Friday at 71.64 US cents.