汇丰-2019美元一枝独秀（全球汇率市场展望)..pdf

CURRENCIES 報告吧 GLOBAL January 2019 By: HSBC FX Strategy Currency Outlook Dollar: The best of a bad bunch We challenge the consensus again and argue for a stronger USD in 2019. While the USD may not be perfect, it is the best of a bad bunch in G10. Four themes remain supportive for the currency: slowing global growth, underlying level of rates, positioning and the balance of risks around Fed rate hikes. Exposing the “Fragile Four” Slower global growth and shifting financial market dynamics suggest structural concerns will be more exposed in 2019. Private sector debt looks likely to be a key pressure point. CAD, CHF, SEK and NOK stand out as the “fragile four” in G10. 2019 Currency Outlooks Play video with the FX strategy team www.baogaoba.xyz 獨家收集 百萬報告 实时更新 日更千篇 Disclaimer Disclosures: This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it CURRENCIES ● GLOBAL  報告吧 January 2019 Summary Dollar: The best of a bad bunch (pg 3) The USD’s story may not look as positive as it did in 2018, but there are four key factors that we believe will continue to support the USD in 2019. In the relative world of FX, USD should capitalise on the slowing global economy as other currencies look more vuln