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.