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FX Trends: G10 currencies: Central banks in focus

2 September 2025

Key takeaways

  • We look for a steady USD, with discussions around the Fed remaining a key focus.
  • The JPY is likely to strengthen in the weeks ahead, potentially helped by a hawkish BoJ.
  • A stagflation narrative may weigh on the GBP, and we see mostly sideways moves in others.

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.

Explanation of terms

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