货币展望：大转向继续.pdfVIP

Currencies Global March 2019 By: HSBC FX Strategy Currency Outlook The great pivot continues A number of G10 central banks have followed the Fed’s pivot to a neutral stance. Monetary policy neutrality or inaction by other G10 central banks is USD positive. The rising risk for other G10 currencies is that their central banks have incredibly limited toolkits should global growth deteriorate even further. The Fed is best placed to manage a steeper global economic slowdown. The USD is also the highest yielder in G10. As such, the best course of action simply seems to be to own the USD and enjoy the carry. A week in GBP After three big Brexit votes, we still look for GBP upside. Play video with David Bloom and Dominic Bunning Disclosures Disclaimer: 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 March 2019 Summary The great pivot continues (pg 3) For many, 2019 was supposed to be the year that the Fed turned neutral while other G10 central banks normalised monetary policy. As such, the consensus was for the USD to weaken. We held the opposite view, and the mar