HSBC: Dollar may be about to bottom out, as the Federal Reserve is less likely to cut interest rates in 2026
2025-11-19 17:22:52
Strategists at HSBC Global Investment Research noted in a note that the dollar could bottom in Quarter 1 or earlier in 2026 before rallying. They believe the Federal Reserve could cut rates again in December, but the likelihood of further cuts in 2026 is low. Money markets are divided on a December rate cut, but expect a cumulative 85 basis points of rate cuts by the end of 2026, according to Refinitiv data. HSBC forecasts that the euro will rise to 1.20 against the dollar in Quarter 1 this year and next year, before falling back to 1.18 for the rest of 2026.
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