FX Navigator (Aug) : The case for USD upside still intact

5 August 2026

Home
Wealth Management
Insights
FX Navigator
The case for USD upside still intact

Key takeaways

The USD is finishing July on the back foot, hit by the FOMC outcome, JPY intervention, and hawkish signals from outside the US
While the pullback argues for caution, we still see the broader case for USD upside as intact
Fed messaging may seek to reinforce inflation-fighting credibility, but renewed USD strength will likely need help from upcoming US data releases

Our tactical view

^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

HSBC Positioning Indices

Note: Priced as of market close 31 July 2026

Source: HSBC, Bloomberg

Note: *Priced as at 22:34 HKT on 31 July 2026

Source: HSBC, Bloomberg

Tactical view

The USD ended July under pressure after the Federal Open Market Committee (FOMC) meeting: markets had flirted with a hike, so the hold triggered dovish repricing, and Chair Warsh’s press conference, which provided no direct insights, extended USD selling. Both of these headwinds are likely to be temporary.
We expect the Federal Reserve (Fed) – particularly under new leadership – to reassert its inflation-fighting credibility, with hawkish messaging and upcoming inflation and labour prints potentially rebuilding September hike pricing. Interest rate differentials have reemerged as the USD’s dominant driver, overtaking risk appetite and commodity prices.
US activity has generally surprised to the upside this year (with softer Q2 GDP distorted by oil reserve drawdowns), and GDP estimates for Q3 activity are strong; this makes any Fed tightening more clearly USD-positive than in other G10. Geopolitics may offer episodic support but may not be a sustained catalyst for USD upside.

Note: *Priced as at 22:34 HKT on 31 July 2026

Source: Bloomberg, HSBC

Tactical view

EUR-USD had been relatively stable over the past month before a late surge pushed it above 1.15. Its path in August may hinge mostly on USD sentiment which remains the dominant driver; we expect the USD to recover and pull EUR-USD back towards its prior trading range.
The European Central Bank (ECB) held rates at 2.25% on 23 July and maintained a “data-dependent, meeting-by-meeting” stance. With no forward guidance and limited concern over second-round inflation effects, policy signals alone look insufficient to drive a sustained EUR-USD rally.
We expect EUR-USD to soften over the next month as the narrative shifts from higher yield support to concerns around a terms-of-trade shock and weaker growth prospects, making energy-driven rate support less reliable. In contrast, a vigilant Fed and resilient US economy should continue to underpin the USD.

Note: *Priced as at 22:34 HKT on 31 July 2026

Source: Bloomberg, HSBC

Tactical view

We see EUR-GBP trading range-bound in the coming weeks, with higher yields increasingly creating challenges for both currencies.
The EUR’s strong finish to July looks difficult to extend into August, as higher energy prices remain a challenge to growth and further tightening may become a headwind rather than a tailwind to EUR.
High yields have supported the GBP, but with domestic signals less hawkish and geopolitics and fiscal risks still in play, markets may refocus on weak growth; the Monetary Policy Committee looks reluctant to hike without clearer second-round inflation effects.

Note: *Priced as at 22:34 HKT on 31 July 2026

Source: Bloomberg, HSBC

Tactical view

The GBP faces a familiar mix of headwinds over the next month as UK data point to easing inflation and a cooling labour market, while geopolitics and policy uncertainty keep a risk premium in UK assets. Recent resilience looks conditional on credible rate support and fiscal confidence, both of which appear more fragile heading into August.
UK CPI slowed more than expected in June, signalling that disinflation continues, while higher energy costs have remained largely confined to directly exposed sectors, such as transport. This reduces the case for the Bank of England (BoE) to respond aggressively to inflation risks at this stage.
Limited detail on how new government policies will be funded risks a higher fiscal premium ahead of the Autumn Budget. With recent strength now in the rear-view mirror, we see the GBP trading more defensively over the next month, with rallies harder to extend unless fiscal clarity improves or UK data re-accelerate.

Note: *Priced as at 22:34 HKT on 31 July 2026

Source: Bloomberg, HSBC

Tactical view

End-July has reintroduced uncertainty into the path of USD-JPY that had previously seemed destined to grind higher. Intervention by Japan’s Ministry of Finance (MoF) and exchange rate “checks” by the US Treasury (Reuters) drove a sharp drop and brought meaningful two-way risk back into the pair.
Alongside the MoF’s action, the Bank of Japan (BoJ) placed greater emphasis on JPY weakness and its inflation implications. While it kept rates unchanged in July as expected, it cited JPY depreciation as a driver of inflation.
It remains difficult to make the case for a sustained move lower in USD-JPY. The market seems willing to buy MoF-induced dips, and we expect the broad USD to recover some recent losses. This means further intervention may have to contend with renewed USD demand rather than benefit from USD selling.

Note: *Priced as at 22:34 HKT on 31 July 2026

Source: Bloomberg, HSBC

Tactical view

EUR-JPY may drift lower in the weeks ahead, as further JPY-supportive intervention looks likely, while higher energy prices remain a headwind for the EUR.
Japan’s Ministry of Finance (MoF) is likely to remain active in supporting the JPY, and the Bank of Japan (BoJ) has given greater prominence to JPY weakness in terms of its implications for inflation, and by extension, monetary policy.
The EUR remains constrained by a soft Eurozone growth backdrop: despite a better Q2 GDP print, investment is still falling, while employment continues to decline in the largest economies, leaving the region exposed to renewed energy cost volatility.

Note: *Priced as at 22:34 HKT on 31 July 2026

Source: Bloomberg, HSBC

Tactical view

We expect USD-CHF to push higher in the coming weeks as the markets refocus on interest rate differentials.
In our view, the risk of Swiss National Bank (SNB) intervention places a cap on CHF strength: any excessive CHF safe-haven appreciation in the event of a sharp equity selloff would likely to be countered with further intervention threats.
Despite this, the case for an aggressive intervention campaign looks limited, as headline inflation appears to be stabilising comfortably above the lower bound of the SNB’s target range.

Note: *Priced as at 22:34 HKT on 31 July 2026

Source: Bloomberg, HSBC

Tactical view

The CHF has been weighed down by its lowest yield in G10, even amid recent equity market volatility. Headlines that the Swiss National Bank (SNB) is willing to keep the policy rate on hold at 0% to end-2027 also show how wide rate differentials are between the CHF and the rest of G10 (Bloomberg, 27 July 2026).
Yet, we believe EUR-CHF has largely caught up with the move in yield spreads since March, and further upside looks limited, given the increasingly fragile rates support underpinning the EUR.
The CHF should still attract “safe haven” demand in risk-off episodes, and recent weakness could partly reverse if equities soften. Intervention risk looks low but could be tested by inflation data. Overall, we expect EUR-CHF to trade sideways in coming weeks.

Note: *Priced as at 22:34 HKT on 31 July 2026

Source: Bloomberg, HSBC

Tactical view

USD-CAD has become less USD-dominated in the last couple of months, with rate differentials, commodities and risk appetite all competing for influence – without a clear dominant driver.
We still see the broad USD index as the mostly likely source of movement over the next month, as markets expect Fed policy to remain on hold and anticipate inaction from the Bank of Canada (BoC) in September, limiting scope for rates to drive the pair.
Despite the weaker USDs grip, commodities and risk appetite have not become more influential. USD-CAD is therefore likely to stay range-bound, with a move back towards June highs more likely than a retest of support in the weeks ahead.

Note: *Priced as at 22:34 HKT on 31 July 2026

Source: Bloomberg, HSBC

Tactical view

AUD-USD remains primarily driven by the broad USD, while domestic factors have not provided a fresh lift; rate differentials have recently turned from support in Q1 into a headwind.
Further, the Reserve Bank of Australia (RBA) tightening is increasingly framed as coming at the expense of local growth (per Governor Bullock, Bloomberg 28 July), making hikes less supportive for the AUD.
Even if the RBA positions at its 11 August meeting to keep further hikes on the table, markets have largely priced this in, and the associated stagflation risk would likely weigh on the AUD. Hence, we see a stronger broad USD taking AUD-USD lower in the coming weeks

Note: *Priced as at 22:34 HKT on 31 July 2026

Source: Bloomberg, HSBC

Tactical view

We expect the NZD to outperform the AUD in the near term, as the AUD-NZD still appears rich relative to its interest rate differential.
We believe the Reserve Bank of New Zealand’s (RBNZ) stance is NZD-positive with the central bank priced to hike among the most in G10 over the coming year while markets are increasingly pricing the end of the RBA’s hiking cycle.

Note: *Priced as at 22:34 HKT on 31 July 2026

Source: Bloomberg, HSBC

Tactical view

The NZD has been aided by the Reserve Bank of New Zealand’s (RBNZ) hawkish hike on 8 July hike and further improvement in local activity data. Indications that the central bank can match aggressive market pricing for a hiking cycle have in turn benefited the currency.
Despite recent outperformance, the NZD has still underperformed what would typically be implied by moves in global equities, highlighting offsetting forces that can keep NZD-USD broadly range-bound even amid USD strength.
With no RBNZ meeting until 2 September, upcoming domestic releases – labour market (4 August), PMIs (13/16 August) and business confidence (31 August) – will be key to sustaining RBNZ pricing and underpinning NZD support. We, therefore, look for the NZD to stay resilient, moving sideways versus the USD.

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).

Spot: Spot refers to the current market price of a currency pair that is important for immediate transactions.

50 dma: 50-day simple moving average number represents the average price of an index or a currency pair over the past 50 days.

Support (S), Resistance (R): Support and resistance are significant previous lows and highs plus retracement levels, based on historical price patterns of an index or a currency pair. Support is a historical price level where a downtrend of a currency pair paused due to demand for the first currency quoted in the pair increasing, while resistance is a historical price level where an uptrend of a currency pair reversed amid demand for the second currency quoted in the pair increasing.

HSBC Positioning Indices: The indicators have been devised to track the net position of momentum traders, looking at hundreds of strategies, operating over many different time horizons. It considers time horizons of 5 days up to 260 days. An indicator level of +10 would indicate that the hundreds of different strategies have all lined up and gone long (i.e., buy the first currency quoted in the pair). Similarly, an indicator level of -10 indicates that all strategies are short (i.e., sell the first currency quoted in the pair).
Tactical view 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 Investment 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.

Check Exchange Rates

Click to check our real-time currency exchange rates

Log on and apply

Foreign Currency Solution

Enjoy fast and convenient real-time services at our branches and via e-Banking

Apply now

FX Viewpoint: USD: Dip post FOMC but strength ahead

The FOMC kept policy rates unchanged for a fifth straight meeting, but three dissenters...[4 Aug]

FX Viewpoint: GBP & EUR: Downside from softer growth

We see downward pressure for GBP-USD given easing inflation and weaker labour market data. [29 Jul]

FX Navigator (Jul): When a strong USD returns: Winners vs. laggards

A shift in the Federal Reserve’s messaging is materially supportive for the USD...[3 Jul]

Important disclosures

This document is for information purposes only and it should not be regarded as an offer to sell or as a solicitation of an offer to buy the securities or other investment products mentioned in it and/or to participate in any trading strategy. Information in this document is general and should not be construed as personal advice, given it has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Accordingly, investors should, before acting on it, consider the
appropriateness of the information, having regard to their objectives, financial situation and needs. If necessary, seek professional investment and tax advice.
Certain investment products mentioned in this document may not be eligible for sale in some states or countries, and they may not be suitable for all types of investors. Investors should consult with their HSBC representative regarding the suitability of the investment products mentioned in this document and take into account their specific investment objectives, financial situation or particular needs before making a commitment to purchase investment products.
The value of and the income produced by the investment products mentioned in this document may fluctuate, so that an investor may get back less than originally invested. Certain high-volatility investments can be subject to sudden and 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.
HSBC and its affiliates will from time to time sell to and buy from customers the securities/instruments (including derivatives) of companies covered in HSBC Research on a principal or agency basis.
Whether, or in what time frame, an update of this analysis will be published is not determined in advance.

Additional disclosures

This report is dated as at 31 July 2026.
All market data included in this report are dated as at close 31 July 2026, unless a different date and/or a specific time of day is indicated in the report.
HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its Research business. HSBC'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 HSBC's Investment Banking 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.
You are not permitted to use, for reference, any data in this document 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 or sold or traded or redeemed, or the value of a financial instrument, and/or (iii) measuring the performance of a financial instrument or of an investment fund.

Disclaimer

DisclaimerThis document is prepared by The Hongkong and Shanghai Banking Corporation Limited (‘HBAP’), 1 Queen’s Road Central, Hong Kong. HBAP is incorporated in Hong Kong and is part of the HSBC Group. This document is for general circulation and information purposes only. This document is not prepared with any particular customers or purposes in mind and does not take into account any investment objectives, financial situation or personal circumstances or needs of any particular customer. HBAP has prepared this document based on publicly available information at the time of preparation from sources it believes to be reliable but it has not independently verified such information. The contents of this document are subject to change without notice. HBAP is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document. HBAP gives no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this document.

This document is not investment advice or recommendation nor is it intended to sell investments or services or solicit purchases or subscriptions for them. You SHOULD NOT use or rely on this document in making any investment decision or decision to buy or sell currency. HBAP is not responsible for such use or reliance by you. You SHOULD consult your professional advisor in your jurisdiction if you have any questions regarding the contents of this document.

You SHOULD NOT reproduce or further distribute the contents of this document to any person or entity, whether in whole or in part, for any purpose. This document may not be distributed to the US, Canada or any other jurisdiction where its distribution is unlawful.

Greece

In Greece, this document is distributed by HSBC Continental Europe, Greece to its customers for general reference only.

Jersey, Guernsey and Isle of Man

In Jersey, Guernsey and the Isle of Man, this document is distributed to its customers for general reference only by HSBC Bank plc Jersey branch, HSBC Bank plc Guernsey branch and HSBC Bank plc in the Isle of Man.

Mainland China

In mainland China, this document is distributed by HSBC Bank (China) Company Limited (“HBCN”) to its customers for general reference only. This document is not, and is not intended to be, for the purpose of providing securities and futures investment advisory services or financial information services, or promoting or selling any wealth management product. This document provides all content and information solely on an "as-is/as-available" basis. You SHOULD consult your own professional adviser if you have any questions regarding this document.

Hong Kong

In Hong Kong, this document is distributed by HBAP to its customers for general reference only. HBAP is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use or reliance of this document. HBAP gives no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this document.

Malaysia

In Malaysia, this document has been prepared by HBAP, which is issued and distributed by HSBC Bank Malaysia Berhad (127776-V) / HSBC Amanah Malaysia Berhad (807705-X) (the "Bank"). The Bank is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result, of arising from or relating to your use of or reliance on this document.

Singapore

In Singapore, this document

• has not been reviewed by any regulatory authority in Singapore or any other jurisdiction.

• is issued by HSBC Bank (Singapore) Limited (the "Bank") in the conduct of its business in Singapore and is for general information.

• is only meant for the person who received it and should not be copied or shared with others, either fully or partially, for any reason.

• must not be sent to the United States, Canada or to any other jurisdiction where sharing it is illegal. If someone uses or copies this document or video without permission, they could face legal action.

• gives a broad overview of the current economic environment and is not meant to be investment research or advice or a recommendation to buy or sell investments. Some parts might talk about future events, but these are just predictions and not promises nor guarantees of future performance or events. Actual results might turn out differently due to various reasons. The Bank is not responsible for updating these predictions or explaining why actual results could differ from those predictions.

• does not create any contracts and isn’t meant as a solicitation, nor a recommendation for the purchase or sale of any financial instrument in any jurisdiction where it is not legal. Investments can increase or decrease in value, and you might not get back the amount you initially invested. Investments come with market risks, so it is important to read all investment-related documents carefully. The opinions shared are from the HSBC Global Investment Committee at the time of creating this document or video and reflect its global perspective, which might differ from local views of the Bank. These opinions can change anytime and might not match HSBC Asset Management‘s current portfolios’ composition. HSBC Asset Management manages individual portfolios based on each client’s objectives, risk preferences, time horizon, and market conditions.

• has not been created following legal requirements for independent investment research and is not subject to any prohibition on dealing ahead of its dissemination.

• is not meant to offer accounting, legal or tax advice. Before making any investment decision, consider consulting a financial adviser. If you decide not to seek advice, carefully assess if the investment product is suitable for you. It is recommended to obtain appropriate professional advice when needed.

Investing overseas can lead to changes in the value of your investments due to currency exchange rates, which may cause them to rise or fall. Emerging markets are riskier and more unpredictable compared to established markets. These economies often depend heavily on international trade and can be adversely impacted by trade barriers, currency controls, adjustments in currency values, the economic conditions of their trading partners and other protective measures imposed by those partners.

We are not responsible for the accuracy and/or completeness of any third-party information obtained from sources we believe to be reliable but have not independently verified.

Taiwan

In Taiwan, this document is distributed by HSBC Bank (Taiwan) Limited, [54F, No. 7, Sec. 5, Xinyi Road, Xinyi District, Taipei City] to its customers for general reference only. HSBC Bank (Taiwan) Limited is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use or reliance of this document. Clients of HSBC Bank (Taiwan) Limited should contact their relationship manager in respect of any matters arising from or in connection with this document.

United Arab Emirates

In the UAE, this document is distributed by HSBC Bank Middle East Limited (“HBME”) U.A.E Branch, P.O.Box 66, Dubai, U.A.E, which is regulated by the Central Bank of the U.A.E and lead regulated by the Dubai Financial Services Authority. In respect of certain financial services and activities offered by HBME, it is regulated by the Securities and Commodities Authority in the UAE under license number 602004. HBME is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document.

India

In India, this document is distributed for general reference by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India), having its India corporate office at 52/60, Mahatma Gandhi Road, Fort, Mumbai 400 001. HSBC India is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document. HSBC India gives no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this document and clients should contact their relationship manager in respect of any clarifications arising from or in connection with this document. HSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. Incorporated in Hong Kong SAR with limited liability. HSBC India is an AMFI-registered Mutual Fund Distributor of select mutual funds and a referrer of other 3rd party investment products. HSBC India does not distribute or refer investment products to those persons who are either the citizens or residents of United States of America (USA), Canada or any other jurisdiction where such distribution or referral would be contrary to law or regulation.

HSBC India will receive commission from HSBC Asset Management (India) Private Limited, in its capacity as a AMFI registered mutual fund distributor of HSBC Mutual Fund. The Sponsor of HSBC Mutual Fund is HSBC Securities and Capital Markets (India) Private Limited (HSCI), a member of the HSBC Group. Please note that HSBC India and the Sponsor being part of the HSBC Group, may give rise to real, perceived, or potential conflicts of interest. HSBC India has a policy in place to identify, prevent and manage such conflict of interest

For more information related to investments in the securities market, please visit the SEBI Investor Website: https://investor.sebi.gov.in/ and the SEBI Saa₹thi Mobile App.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Issued by The Hongkong and Shanghai Banking Corporation Limited, India. Incorporated in Hong Kong SAR with limited liability. HSBC Bank ARN - 0022 with validity from 19-Feb-2024 to 18-Feb-2027. Date of initial registration: 19-Feb-2002.

United Kingdom

In the United Kingdom, this document is distributed by HSBC UK Bank Plc (“HSBC”), 1 Centenary Square, Birmingham BI IHQ United Kingdom which is owned by HSBC Holdings plc. HSBC is incorporated under the laws of England and Wales with company registration number 9928412 and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our firm reference number is 765112. HSBC gives no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this video or the information contained within it.

Australia

This document is distributed by HSBC Bank Australia Limited ABN 48 006 434 162, AFSL/ACL 232595 (HBAU). HBAP has a Sydney Branch ARBN 117 925 970 AFSL 301737.The statements contained in this document are general in nature and do not constitute investment research or a recommendation, or a statement of opinion (financial product advice) to buy or sell investments. This document has not taken into account your personal objectives, financial situation and needs. Because of that, before acting on the document you should consider its appropriateness to you, with regard to your objectives, financial situation, and needs.

Miscellaneous

Notwithstanding this document is not investment advice, please be aware of the following for the sake of completeness. Past performance is not an indication of future performance. The value of any investment or income may go down as well as up and you may not get back the full amount invested. 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 document contains forward-looking statements which are, by their nature, subject to significant risks and uncertainties. Such statements are projections, do not represent any one investment 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/estimates. No assurance is given that those expectations reflected in those 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 document or any other related document whether as a result of new information, future events or otherwise.

The Hongkong and Shanghai Banking Corporation Limited, its affiliates and associates and their respective officers and/or employees, may have interests in any products referred to in this document by acting in various roles including as distributor, holder of principal positions, adviser or lender. The Hongkong and Shanghai Banking Corporation Limited, its affiliates and associates, and their respective officers and employees, may receive fees, brokerage or commissions for acting in those capacities. In addition, The Hongkong and Shanghai Banking Corporation Limited, its affiliates and associates, 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 document.

© Copyright 2026. The Hongkong and Shanghai Banking Corporation Limited, ALL RIGHTS RESERVED. No part of this document may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited.