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FX Trends: USD strength to diminish?

24 November 2025

Key takeaways

  • The recent rally may reverse by year-end, influenced by the FOMC and Fed succession.
  • The EUR might gain from USD weakness but could lose ground against the GBP.
  • The JPY and GBP may strengthen against the USD but patience is needed amid event risks.

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

FX Data Snapshot

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