The currency markets will be thrown into disarray this week as key monetary policy meetings take place around the world, HSBC's David Bloom told CNBC.
The Bank of England (BoE) and European Central Bank (ECB) will announce rate decisions on Thursday, and investors are looking for clues as to when the U.S. Federal Reserve will start to tail back its asset purchase program following a two-day meeting this week.
Bloom, HSBC's global head of foreign exchange strategy, said that despite the expected volatility, the dollar would remain "king."
(Read More: HSBC Bullish on Dollar as Currency War 'Intensifies')
"The dollar's on a roll at the moment, but what do you bet it against?" he said on Wednesday.
Any move to end the Fed's quantitative easing (QE) program would be seen as positive for the dollar, and Bloom said investors will be looking for clarity on the so-called "tapering debate", which will prove "critical" to markets.
With regards to the euro, Bloom said investors should steer well clear, with better opportunities in shorting sterling and the Australian dollar (Aussie). The recent improvement in non-financial data has continued since the ECB's last meeting, he said, adding that he expects the central bank to remain in "wait-and-see mode."
"It's [the] Aussie and sterling that we think will come under pressure against the dollar," he said, adding that he expects a rate cut by the Reserve Bank of Australia next week.
(Read More: Sterling May Get 'Smoked,' HSBC Warns)
Looking ahead to the BoE's rate decision and inflation report next week, Bloom said he expects a dovish tone from the central bank's governor Mark Carney.
In a research report on Monday, he said sterling was overpriced and should be trading below the 1.50 level. The pound was at 1.5237 against on the dollar on Wednesday morning.
—By CNBC.com's Matt Clinch. Follow him on Twitter @mattclinch81.