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FX Navigator (Nov): USD to consolidate near its highs

26 October 2026

Key takeaways

  • Core G10 FX should remain range-bound, with familiar drivers favouring USD consolidation rather than further gains.
  • EUR and GBP vulnerabilities lack fresh catalysts while intervention risks and policy normalisation should constrain USD-JPY upside.
  • We are bullish on AUD, as the potential for a November rate hike appears underpriced, and on the NZD, also supported by a hawkish central bank.

Our tactical view

^DXY = US Dollar Index, is an index (or measure) of the value of the USD against major global currencies, including the EUR, JPY, GBP, CAD, SEK and CHF.

Source: HSBC

HSBC Positioning Indices

Note: Priced as of market close 22 October 2026

Source: HSBC, Bloomberg

Note: *Priced as at 15:13 HKT on 23 October 2026

Source: HSBC, Bloomberg

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