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FX Trends: G10 currencies: When global trade uncertainty recedes, for now…

19 May 2025

Key takeaways

  • We look for consolidation in most G10 currency pairs, as global trade uncertainty recedes…
  • …but further progress in trade talks should be USD supportive, despite structural questions.
  • The safe haven JPY and CHF may remain on the defensive; AUD and NZD likely edge higher.

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.

Note: ^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

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