0537 GMT - The direction of the U.S. dollar may depend on the market's interpretation of political bias for the Fed, says HSBC's Paul Mackel in an email. There is uncertainty regarding the Fed's next steps on monetary policy and around the next Fed Chair, HSBC's global head of forex research says. If the Fed can cut rates gradually, this would support HSBC's central case for the USD to weaken gradually versus many currencies. However, if the market becomes concerned about political interference for the Fed, the USD could behave differently, depending on how cross-asset volatility shifts and long-term U.S. bond yields move. In a problematic situation, the USD may initially weaken versus core currencies such as euro, yen, Swiss franc and yuan, he adds. (monica.gupta@wsj.com)
(END) Dow Jones Newswires
August 12, 2025 01:37 ET (05:37 GMT)
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