G10外汇交易想法更新：平仓买入澳元兑瑞郎

Daragh MaherHead of Digital AssetsResearch, Sr FX StrategistHSBC Bank plcdaragh.maher@hsbc.com+44 20 7991 8888Paul MackelGlobal Head of FX ResearchHSBC Bank plcpaulmackel@hsbc.com+44 203 268 3252CurrenciesGlobal ◆◆ 2Disclosure appendixAnalyst CertificationThe following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s)whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), andany otherviews or forecasts expressed herein, including any views expressed on the back page of the research report, accurately reflecttheir personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to thespecificrecommendation(s) or views contained in this research report: Daragh Maher and Paul MackelImportant disclosuresForeign exchange: Basis for financial analysisThis document has been prepared and is being distributed by the Research Department of HSBC and is intended solely for theclients of HSBC and is not for publication to other persons, whether through the press or by other means.This document is for information purposes only and it should not be regarded as an offer to sell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 tobuy the securities or other investment products mentioned in it and/or to participate in any trading strategy. Advice in this documentis 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 the advice,consider theappropriateness of the advice, having regard to their objectives, financial situation and needs. If necessary, seek professionalinvestment and tax advice.Certain investment products mentioned in this document may not be eligible for sale in some states or countries, and they maynot be suitable for all types of investors. Investors should consult with their HSBC representative regarding the suitabilityof theinvestment products mentioned in this document and take into account their specific investment objectives, financial situation orparticular 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 investormay get back less than originally invested. Certain high-volatility investments can be subject to sudden and large falls in valuethat could equal or exceed the amount invested. Value and income from investment products may be adversely affected byexchange rates, interest rates, or other factors. Past performance of a particular investment product is not indicative of futureresults.HSBC believes that investors utilise various disciplines and investment horizons when making investment decisions, whichdepend 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 atime 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 theinvestor's existing holdings and other considerations. Different securities firms use a variety of terms as well as differentsystemstodescribe their recommendations. Investors should carefully read the definitions of the recommendations used in each researchreport. In addition, because research reports contain more complete information concerning the analysts' views, investors shouldcarefully read the entire research report and should not infer its contents from the recommendation. In any case, recommendationsshould not be used or relied on in isolation as investment advice.Definitions for currency trades on DFs and NDFsBuy: 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. 3The 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 daysprior to the settlement date.Distribution of currency tradesThe nature of foreign exchange forward trade ideas is such that there will always be an equal number of buy and sell trades(buying one currenc