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FX Trends: USD’s safe haven brand in doubt

23 April 2025

Key takeaways

  • US trade policy uncertainty has triggered the reappraisal of the USD’s safe-haven brand value.
  • We look for USD weakness to extend against the EUR, JPY and CAD…
  • …but there may be scope for consolidation elsewhere.

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. N/A = Not applicable, as we only provide short-term direction for those currency pairs from this issue. Source: HSBC

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