HSBC* had been bullish on the dollar, but recent developments have led to a notable change in Outlook, with the euro/US dollar rate Revised from 1.04 to 1.15 at End-2025.
HSBC said the dollar is holding up better against some weaker and emerging currencies, while the euro and Swiss franc are more vulnerable.
Although the bank does not see room for a significant recovery in the near term, it believes that it is too early to write off the dollar.
*HSBCHoldings plc, HSBC (eng. The Hongkong andShanghai Banking Corporation) is one of the largest financial conglomerates in the world, the largest UK bank by assets and market capitalization.