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FX Trends: Time to consolidate; mindful of central bank meetings

28 Nov 2024

Key takeaways

  • The broad USD is likely to consolidate over the near term, as a lot of news is now in the price.
  • December central bank meetings hold scope for surprises…
  • …but in the end may not appear, which is why many G10 currencies may lapse into inertia.

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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