HSBC
Currency Outlook 2026: The year of the yen
LIVE9 December 2025USD bearish
EM Strategy
HSBC emerging-market bond and FX model-portfolio allocations
| Country | Region | Bond View | FX View |
|---|---|---|---|
| No EM portfolio positions in the latest HSBC note. | |||
8 more EM positions · bond + FX conviction marks
Per-country OW/MW/UW marks · bond duration · FX direction
0 EM positions · bond + FX views unlock with Retail.
FX BANK FORECAST · COVERAGE
Institutional FX coverage in your inbox
Aggregated year-end forecasts, scenario shifts, and curated analyst notes from eight institutional desks. No promotion.