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FX Trends : FX markets eye US elections

25 Oct 2024

Key takeaways

  • Depending on the outcome of the US elections, the USD could rally or weaken.
  • While we expect the USD to extend its rally up to the 5 November election day, our conviction level thereafter is low.
  • The EUR will mostly be driven by USD sentiment, but the GBP may see independent weakness.

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

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