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- USD to remain strong in 2024 – HSBC
USD to remain strong in 2024 – HSBC
A combination of better risk appetite and lower US yields has driven the USD weaker. Economists at HSBC analyze Greenback’s outlook.
High hurdles for sustained weakness
With so much Fed easing already priced in, the scope for a dovish extension lower in the USD seems limited.
For the USD to weaken for a sustained period of time, a lot more optimism is required. That is, the global economy shows green shoots, inflation pressures in major economies fall faster, and risk appetite accelerates even further. The bar seems high.
We remain confident in our medium-term USD bullishness, based on soft global growth and comparatively high US yields. Nevertheless, unless a catalyst triggers a market re-pricing, the USD is expected to consolidate into the end of 2023.
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