Surprise Indices

Research evidence excerpt

Surprise Indices

Multi-Asset ● Global

30 June 2026

HSBC believes that investors utilise various disciplines and investment horizons when making investment decisions, which depend largely on individual circumstances such as the investor's

existing holdings, risk tolerance and other considerations. HSBC’s currency trade ideas on deliverable FX forwards (DF) or non-deliverable FX forwards (NDF) are usually identified on a time

horizon of up to three months, although HSBC reserves the right to extend this time horizon on a discretionary, trade-by-trade basis.

HSBC believes an investor's decision to buy or sell an instrument should depend on individual circumstances such as the investor's existing holdings and other considerations. Different

securities firms use a variety of terms as well as different systems to describe their recommendations. Investors should carefully read the definitions of the recommendations used in each

research report. In addition, because research reports contain more complete information concerning the analysts' views, investors should carefully read the entire research report and should

not infer its contents from the recommendation. In any case, recommendations should not be used or relied on in isolation as investment advice.

Definitions for currency trades on DFs and NDFs

Buy: refers to buying the first currency in the named pair in exchange for the second currency in the named pair.

Sell: refers to selling the first currency in the named pair in exchange for the second currency in the named pair.

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.