Xin Lang Cai Jing·2025-10-15 20:45Core Viewpoint - HSBC believes that the US dollar is likely to weaken again and may hit bottom in early next year, driven by historical patterns when the Federal Reserve resumes easing and the US economy avoids recession [1] Group 1: Economic Indicators - HSBC's global foreign exchange research head, Paul Mackel, points out that historical experience indicates a weakening dollar when the Fed restarts its easing cycle while the US economy remains resilient [1] - Discussions about a potential re-acceleration of the US economy and recent political turmoil in France and Japan have contributed to the dollar's sideways movement since July [1] Group 2: Market Sentiment - The market's sentiment is described as volatile, with a strong desire for a stronger dollar, but it is deemed premature to abandon bearish views at this time [1] - Mackel anticipates that the dollar will reach its lowest point in early next year [1]