Asian FX trade idea Buy PHP-IDR

Research evidence excerpt

Asian FX trade idea Buy PHP-IDR

Currencies ● EM Asia

14 May 2026

The tenor of the instrument will be denoted and will refer to a settlement date relative to the opening date of the trade idea e.g.

1m refers to a settlement date 1 month forward from the open date of the trade idea. NDF trades normally fix two working days

prior to the settlement date.

Distribution of currency trades

The nature of foreign exchange forward trade ideas is such that there will always be an equal number of buy and sell trades

(buying one currency in exchange for selling another), both outstanding and historically.

For the distribution of non-independent ratings published by HSBC, please see the disclosure page available at

http://www.hsbcnet.com/gbm/financial-regulation/investment-recommendations-disclosures.

To view a list of all the independent fundamental ratings/recommendations disseminated by HSBC during the preceding 12-month

period, and the location where we publish our quarterly distribution of non-fundamental recommendations (applicable to Fixed

Income and Currencies research only), please use the following links to access the disclosure page:

Clients of HSBC Private Bank: www.research.privatebank.hsbc.com/Disclosures

All other clients: www.research.hsbc.com/A/Disclosures

HSBC and its affiliates will from time to time sell to and buy from customers the securities/instruments, both equity and debt

(including derivatives) of companies covered in HSBC Research on a principal or agency basis or act as a market maker or

liquidity provider in the securities/instruments mentioned in this report.

Analysts, economists, and strategists are paid in part by reference to the profitability of HSBC which includes investment banking,

sales & trading, and principal trading revenues.