Top of main content

FX Trends: G10 FX: Back to basics

26 Jul 2024

Key takeaways

  • In a period of headline chasing, we prefer to go back to the basics of our FX framework…
  • …which still points to a strong USD, although not necessarily a strengthening USD.
  • In the weeks ahead, we look for modest USD upside against the EUR, AUD, NZD, and JPY (barring a surprise BoJ July hike), but expect the GBP to be resilient and the CAD to rally.

Our tactical view

Table of tactical views where a currency pair is referenced (e.g. USD/JPY):An up (⬆) / down (⬇) / sideways (➡) arrow indicates that the first currency quotedin the pair is expected by HSBC Global Research to appreciate/depreciate/track sideways against the second currency quoted over the coming weeks. For example, an up arrow against EUR/USD means that the EUR is expected to appreciate against the USD over the coming weeks. The arrows under the “current” represent our current views, while those under “previous” represent our views in the last month’s report.

Explanation of terms

Check Exchange Rates

Click to check our real-time currency exchange rates

Foreign Currency Solution

Enjoy fast and convenient real-time services at our branches and via e-Banking

Related Insights
DXY broke below support, but we look for stability ahead…[23 Jul]
Markets debate over intervention amid a sudden JPY move. [17 Jul]
The UK’s Labour Party has won a commanding majority in the general election, ending...[10 Jul]