AUD and CAD to face downside pressures over the near term, before a bumpy recovery in 2023 – HSBC

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In the view of economists at HSBC, both the Australian Dollar and the Loonie are likely to face risk sentiment challenges over the near term, before a bumpy recovery in 2023.

“If the coming weeks bring a fresh bout of risk aversion (amid a still hawkish Fed, global growth concerns, and reasons for caution elsewhere), then both the CAD and AUD are likely to weaken against the USD.

“Our medium-term view is that both commodity currencies will probably be on a bumpy recovery path in 2023, as the Fed’s hiking cycle comes to an end.”

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