汇丰：美国政策的不确定性仍令美元承压

Core Viewpoint - HSBC analysts indicate that uncertainty surrounding U.S. policies continues to weigh on the dollar, suggesting potential for moderate depreciation [1] Group 1: U.S. Policy Uncertainty - The ongoing uncertainty in U.S. policies is seen as a burden on the dollar, with analysts expressing skepticism about future stability due to numerous ongoing trade negotiations lacking detail [1] - U.S. fiscal policy is highlighted as another significant source of uncertainty, particularly regarding potential taxation on global investors [1] Group 2: De-dollarization Trends - Structural de-dollarization is showing signs of increasing importance, although the trend may be difficult to realize due to weaknesses and low yields in other currencies [1] Group 3: Currency Forecast - HSBC forecasts that the euro will rise against the dollar, predicting an increase from the current rate of 1.1524 to 1.20 by the fourth quarter [1]