Foreign Exchange Forecasts

Research evidence excerpt

Foreign Exchange Forecasts

23 July 2026 Citi Research

Federation,Singapore,South Korea,Sweden,Switzerland,Taiwan,Thailand,Turkey,Ukraine,United Kingdom of Great Britain and

Northern Ireland (Government),United States,Vietnam.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Australia, Commonwealth of

(Government),Brazil,Canada,Chile,China,Colombia,Czech Republic,European Union,France,Germany,Hong

Kong,Hungary,India,Indonesia,Israel,Italy,Japan,Malaysia,Mexico,New Zealand,Norway,Philippines,Poland,Singapore,South

Korea,Sweden,Switzerland,Taiwan,Thailand,Turkey,Ukraine,United Kingdom of Great Britain and Northern Ireland

(Government),United States. (For an explanation of the determination of significant financial interest, please refer to the policy

for managing conflicts of interest which can be found at www.citiVelocity.com.)

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and

principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events between

institutional clients and the management teams of covered companies. Typically, company management is more likely to

participate when the analyst has a positive view of the company.