[HSBC Predicts the US Dollar May Bottom Out in Early 2026] On November 19, HSBC stated that the US dollar might bottom out in early 2026 and begin to rebound. HSBC expects the Federal Reserve may cut interest rates in December but believes the likelihood of further rate cuts in 2026 is relatively low. The market currently anticipates approximately 85 basis points of easing by the end of the year. Additionally, HSBC predicts the euro will rise to $1.20 by the end of this year and early next year, then fall back to $1.18 for the remainder of 2026.