Stanley Druckenmiller – the man who famously made $US1 billion for George Soros by masterminding an attack on the British pound in 1992 – says investors should bet against the Australian dollar.

“We think the Australian dollar will come down and will come down hard,” Druckenmiller said today at the Sohn Investment Conference in New York. “Its expensive.”

Stanley Druckenmiller: "We think the Australian dollar will come down and will come down hard." Credit:Reuters

The statements follow BusinessDay’s revelation that Soros could have been behind a US$1 billion bet that the Reserve Bank would cut rates on Tuesday.