HSBC Currency Zone

Note: ^DXY = US Dollar Index, is an index (or measure) of the value of the USD against major global currencies, including the EUR, JPY, GBP, CAD, SEK and CHF. Source: HSBC

Table of tactical views where a currency pair is referenced (e.g. USD/JPY): An up () / down () / sideways () arrow indicates that the first currency quoted in the pair is expected by HSBC Global Research to appreciate/depreciate/track sideways against the second currency quoted over the coming weeks. For example, an up arrow against EUR/USD means that the EUR is expected to appreciate against the USD over the coming weeks. The arrows under the “current” represent our current views, while those under “previous” represent our views in the last month’s report.

Dovish : Dovish refers to an economic outlook which generally supports low interest rates as a means of encouraging growth within the economy.

Hawkish: Hawkish is typically used to describe monetary policy which favours higher interest rates, and tighter monetary controls to keep inflation in check.

MoM / YoY: Month on month / Year on year.

PMI: Purchasing Managers Index (PMI) is an indicator of economic health of the manufacturing sector (>50 represents expansion vs. the previous month).

IMM data: International Monetary Market (IMM) is a division of the Chicago Mercantile Exchange (CME) that deals with the trading of currencies and interest rate futures and options and the IMM data is part of the Commitments of Traders (COT) reports published by the U.S. Commodity Futures Trading Commission (CFTC). The IMM data provides a breakdown of each Tuesday’s open futures positions on the IMM. Speculative positions are a trader’s non-commercial positions (i.e. not for hedging purposes).

G10: G10 refers to the most heavily traded, liquid currencies in the world: USD, EUR, JPY, GBP, CHF, AUD, NZD, CAD, NOK, and SEK.

Fed / FOMC: Federal Reserve System (US’s Central Bank) / Federal Open Market Committee.

ECB: European Central Bank (Eurozone’s Central Bank).

BoE: Bank of England (UK’s Central Bank).

BoJ : Bank of Japan (Japan’s Central Bank).

BoC: Bank of Canada (Canada’s Central Bank).

RBA: Reserve Bank of Australia (Australia’s Central Bank).

RBNZ: Reserve Bank of New Zealand (New Zealand’s Central Bank).

SNB: Swiss National Bank (Switzerland’s Central Bank).

This publication has been prepared by HSBC Bank plc (“HBEU”) which is part of the HSBC Group. It is intended for information purposes only and is not intended for further distribution whether through the press or via other means. Nothing in this publication constitutes or is to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell the securities or other investment products mentioned in it and/or to participate in any trading strategy. Information in this publication is general and should not be construed as investment advice or guidance as it has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Investors should, accordingly, before acting on any information contained herein, consider the appropriateness of the information having regard to their objectives, financial situation and needs and should, if necessary, seek professional investment and/or tax advice.

Certain investment products mentioned in this publication may not be eligible for sale in some countries or territories and may not be suitable for all types of investors. Investors should consult with their HSBC representative regarding the suitability of any investment products mentioned taking into account their specific investment objectives, financial situation and/or particular needs before making a commitment to purchase any investment products. The value of and the income produced by investment products mentioned in this publication may fluctuate so an investor may get back less than originally invested. Certain high-volatility investments can be subject to sudden and/or large falls in value that could equal or exceed the amount invested. Value and income from investment products may be adversely affected by exchange rates, interest rates, or other factors. Past performance of a particular investment product is not indicative of future results. When an investment is denominated in a currency other than the local currency of an investor, changes in the exchange rates may have an adverse effect on the value, price or income of that investment. Where there is no recognised market for an investment, it may be difficult for an investor to sell the investment or to obtain reliable information about its value or the extent of the risk associated with it.

This publication may contain forward-looking statements which are, by their nature, subject to significant risks and uncertainties. Any such statements are projections and are used for illustration purpose only. Customers are reminded that there can be no assurance that economic conditions described herein will remain in the future. Actual results may differ materially from the forecasts and/or estimates. No assurance is given that expectations reflected in any forward-looking statements will prove to have been correct or come to fruition, and you are cautioned not to place undue reliance on such statements. No obligation is undertaken to publicly update or revise any forward-looking statements contained in this publication or in any other related publication whether as a result of new information, future events or otherwise.

This publication is distributed by HBEU, its affiliates and its associated entities (together, the “HBEU entities”) to their customers. No HBEU entity is responsible for any loss, damage or other consequence of any kind that may be incurred or suffered as a result of, arising from, or relating to any use or reliance on this publication. No HBEU entity gives any guarantee as to the accuracy, timeliness or completeness of this publication. Whether, or in what time frame, an update of any information contained herein will be published is not determined in advance. You should consult your own professional advisor if you have any questions regarding the content of this publication.

HBEU entities and their respective officers and/or employees may have interests in any products referred to in this publication by acting in various roles including as distributor, holder of principal positions, adviser or lender. HBEU entities and their respective officers and employees may receive fees, brokerage or commissions for acting in those capacities. In addition, HBEU entities and their respective officers and/or employees may buy or sell products as principal or agent and may effect transactions which are not consistent with the information set out in this publication.

Additional disclosures

1. This publication is dated as at 22 April 2025.
2. All market data included in this publication is dated as at close 21 April 2025, unless a different date and/or a specific time of day is indicated in the publication.
3. HBEU has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its research business. HBEU’s analysts and its other staff who are involved in the preparation and dissemination of research operate and have a management reporting line independent of HBEU’s investment business. Information barrier procedures are in place between the investment banking, principal trading and research businesses to ensure that any confidential and/or price sensitive information is handled in an appropriate manner.
4. Recipients of this publication are not permitted to use, for reference, any data in this publication for the purpose of (i) determining the interest payable, or other sums due, under loan agreements or under other financial contracts or instruments, (ii) determining the price at which a financial instrument may be bought, sold, traded or redeemed, or the value of a financial instrument, and/or (iii) measuring the performance of a financial instrument.

Africa:

1 In South Africa, this publication is distributed through HBEU’s registered branch in South Africa being HSBC Bank plc Johannesburg Branch, Registration Number 2003/004613/10 (Financial Services Provider Number: 43940) of 1 Mutual Place, 107 Rivonia Road, Sandton, 2196.

Americas:

1 In Bermuda, this publication is distributed by HSBC Bank Bermuda Limited of 37 Front Street, Hamilton, Bermuda, which is licensed to conduct Banking and Investment Business by the Bermuda Monetary Authority. 2 In the United States, this document is distributed by HSBC Securities (USA) Inc. ("HSI") to its customers. HSI is a member of the HSBC Group, the NYSE and FINRA. 3 In Canada, this material is distributed by HSBC Bank Canada and its affiliates.

Asia Pacific:

1 In Australia, this publication has been distributed by HSBC Bank Australia Limited (ABN 48 006434 162, AFSL No. 232595) only, for the general information of its clients. Any reference in this publication to other HSBC Group entities shall not be taken to mean that such entities has a presence in or are licensed in Australia, or that such entities are offering to do business and/or enter into transactions with persons located in Australia. 2 In Bangladesh, this publication is distributed by The Hongkong and Shanghai Banking Corporation Limited (“HBAP”), Bangladesh branch. 3 In mainland China, this publication is distributed by HSBC Bank (China) Company Limited (“HBCN”) to its customers. 4 In Hong Kong, this publication is distributed by HBAP to its customers for general reference and information purposes only. 5 In India, this publication is distributed by HBAP, India branch, to its customers for general reference and information purposes only. 6 In New Zealand, this publication is distributed by HBAP, incorporated in the Hong Kong SAR, acting through its New Zealand branch. 7 In Singapore, this publication is distributed by HBAP, Singapore branch (“HBAP, Singapore branch”) to institutional investors or other persons specified in Sections 274 and 304 of the Securities and Futures Act (Chapter 289) (“SFA”) and accredited investors and other persons in accordance with the conditions specified in Sections 275 and 305 of the SFA. For recipients which are not institutional investors, accredited investors or expert investors as defined in the SFA, this is distributed pursuant to Regulation 32C of the Financial Advisers Regulations (“FAR”). HBAP, Singapore branch, accepts legal responsibility for the contents of the publication pursuant to Regulation 32C(1)(d) of the FAR. This publication is not a prospectus as defined in the SFA. HBAP, Singapore branch, is regulated by the Monetary Authority of Singapore. Recipients should contact an HBAP, Singapore branch representative in respect of any matters arising from or in connection with this publication and refer to the contact details at www.business.hsbc.com.sg. 8 In Sri Lanka, this publication is distributed by HBAP, Sri Lanka branch to its customers.

Europe:

1 For clients of HSBC Continental Europe and HSBC Continental Europe branches, this publication is distributed by HSBC Continental Europe. HSBC Continental Europe is an « Etablissement de crédit et prestataire de services d’investissement» authorized by the « Autorité de Contrôle Prudentiel et de Résolution » (ACPR) and the European Central Bank (ECB). It is regulated by the « Autorité des Marchés Financiers » (AMF), the ACPR and the ECB. 2 In Malta, this publication is distributed by HBEU and is being made accessible to customers of HSBC Bank Malta p.l.c. (“HBMT”). HBMT is registered in Malta with company number C-3177 and is licenced to conduct investment business by the Malta Financial Services Authority. 3 In Switzerland this publication is distributed by HBEU to its customers. 4 In the UK and CIIOM, this publication is distributed by HBEU to its customers and by HSBC Bank UK plc (“HBUK”) to its customers. HBEU is registered in England and Wales (company number: 14259), registered office: 8 Canada Square, London, E14 5HQ, UK. HBUK is registered in England and Wales (company number: 09928412), registered office: 1 Centenary Square, Birmingham B1 1HQ, UK. HBEU is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 114216). HBUK is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 765112).

Middle East:

1 In Algeria, Bahrain, Kuwait, Qatar, the United Arab Emirates (the “UAE”) and the Dubai International Financial Centre (the “DIFC”), this publication is distributed by HSBC Bank Middle East Limited (“HBME”) to its customers. HBME is registered in the DIFC with company registration number 2199 and its registered office at Level 1, Building No. 8, Gate Village, DIFC, PO Box 66, Dubai, DIFC and is lead regulated by the Dubai Financial Services Authority. HBME operates in Algeria through its Algeria branch at Algeria Business Center, Pins Maritimes, El Mohammadia, 16212 Algiers, Algeria (commercial licence number: 07 C 0974997), which is regulated by the Central Bank of Algeria (Banque d’Algérie) and lead regulated by the DFSA. HBME operates in Bahrain through its branch at PO Box 57, Building 2505, Road 2832, Seef 428, Manama, Kingdom of Bahrain (commercial registration number 330-1), which is regulated by the Central Bank of Bahrain and lead regulated by the DFSA. HBME operates in Kuwait through its branch at Kharafi Tower, Qibla Area, Hamad Al-Saqr Street, PO Box 1683, Safat 13017, Kuwait (Ministry of Commerce and Industry branch licence number SP2005/4), which is regulated by the Central Bank of Kuwait, the Capital Markets Authority for licenced Securities Activities and lead regulated by the DFSA. HBME operates in Qatar through its branch at PO Box 57, Doha, Qatar (trade licence number 6374), which is regulated by the Qatar Central Bank and lead regulated by the DFSA. HBME operates in Dubai through its branch at HSBC Tower, Downtown, PO Box 66, Dubai, UAE (Chamber of Commerce and Industry branch licence number 617987), which is regulated by the Central Bank of the UAE and lead regulated by the DFSA. 2 In Egypt, this publication is distributed by HSBC Bank Egypt SAE to its customers. HSBC Bank SAE is registered in Egypt (commercial registration number: 218992) with registered office: 306 Cornish El Niel, HSBC Bank Egypt SAE, Maadi, Cairo, Egypt. Regulated by the Central Bank of Egypt. 3 In Turkey, this publication is distributed by HSBC Bank A.S. to its customers. HSBC Bank A.S. is registered in Turkey (commercial register number 268376) with registered office: Esentepe Mah. Büyükdere Cad. No. 128, Şişli 34394, Istanbul, Turkey. Regulated by the Banking Regulatory and Supervisory Agency. 4 In Oman, this publication is distributed by HSBC Bank Oman SAOG to its customers. HSBC Bank Oman SAOG is registered in Oman (commercial registration number: 1/08084/9) with registered office: Head Office Building, PO Box 1727, Seeb, PC 111, Sultanate of Oman. Regulated by the Central Bank of Oman and the Capital Market Authority of Oman. 5 In the Kingdom of Saudi Arabia, this publication is distributed by The Saudi British Bank to its customers. The Saudi British Bank is registered in the Kingdom of Saudi Arabia (commercial registration number: 1010025779), registered office: Head Office, PO Box 9084, Riyadh 11413, Kingdom of Saudi Arabia. Regulated by the Saudi Arabian Monetary Authority.

© Copyright 2025. HSBC Bank plc, ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, whether electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of HSBC Bank plc.