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HSBC Global Investment Research
HSBC Global Investment Research highlights a shift in currency markets following a temporary US-Iran ceasefire, as global currencies begin to reverse their previous losses against the USD. Analysts suggest that central bank policy is regaining primacy over geopolitical risk, leaving the USD caught between haven demand and loosening financial conditions. In Asian markets, the institution maintains a positive outlook on the CNY driven by corporate conversions, while noting that the JPY remains constrained near the 160 level due to persistent intervention risks. Beyond traditional currencies, the research provides a comparative analysis of stablecoins, observing that USDC and USDT are increasingly serving distinct roles within the digital asset ecosystem. Regarding commodities, the reports identify silver as fundamentally overvalued despite an upward revision of the 2026 average price forecast to USD 75/oz. Overall, the research indicates a complex macro environment where energy supply risks persist, but monetary policy and specific regional drivers are becoming the dominant factors for asset valuation.
4 reports available
Nine Themes Talking Points
This report outlines the latest research across nine key themes including digital assets, demographics, and the energy transition. It highlights the potential for tokenised gold, the influence of ageing populations on consumer spending, and the impact of AI on global trade structures.
US Consumer Finance
Consumer finance shares are rallying as the market balances macro concerns with resilient credit performance. Synchrony remains the preferred top pick.
Digital Finance Forum Handbook
This handbook provides key discussion points and analysis for 23 fintech leaders ahead of HSBC's 6th Global Digital Finance Forum. It covers industry trends across neobanking, BNPL, crypto infrastructure, and mobile money in emerging markets.
Currency Outlook
HSBC's May 2026 outlook suggests the USD is range-bound in a 'soft orbit' as geopolitical drivers yield to central bank policy. Key highlights include Japanese JPY intervention and a growing divide in the stablecoin market between regulated institutional assets and crypto-native tokens.
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