HSBC strategist Daragh Maher said in a note that if high energy prices underpin market expectations of rate hikes across the G-10, the US dollar could strengthen. He added that currency moves would depend more on each economy’s sensitivity to energy-price shocks than on interest-rate expectations; the US’s relative energy self-sufficiency and resilience versus import-dependent economies, notably the euro area and the UK, would likely favor the dollar in that scenario.