US dollar underperforms in 2Q2025, US dollar underperformed the rest of the G10 in the second quarter Uncertainty surrounding trade policy spiked as “Liberation Day” spooked the markets although the tariff follow-through has been littered with pauses and rhetoric As the Fed remained patient on rates further uncertainty was injected into the markets from Trump repeatedly commenting on replacing Fed Chair Powell threatening Fed…, EUR, | Euro outperformed all but Swiss franc in the G10 in Q2 acting as a more consistent USD alternative amid trade uncertainty While the ECB dropped rates to 2% to mark the 8th cut during this easing cycle President Lagarde provided relatively hawkish commentary signaling a pause in the cycle with inflation beginning to settle Flash inflation in early June indicated headline CPI at 19% YoY in May…, GBP, | Sterling landed in the middle of the G10 in Q2 The UK managed to avoid the worst of Trump’s threats by securing a trade deal and temporarily avoiding Trump’s executive order to double steel tariffs to 50% The BoE cut rates in May followed by a hold in June by a 6-3 vote Following stronger than expected numbers early in the quarter GDP data prints in June disappointed printing at -03% MoM vs -01…, JPY, | Yen underperformed most of the G10 in Q2 besting only the weak US dollar Any safe-haven support from global trade uncertainty and from Mideast tensions was short-lived as JPY came under pressure The BoJ kept rates unchanged while indicating a reduction in monthly bond purchases to quarterly starting next fiscal year The IMF stated that the BoJ was likely to push back the timing of interest…, CAD, | Canadian dollar landed in the middle of the G10 in Q2 Following the cut in March the BoC held rates in check amid US tariff uncertainty with Governor Macklem reiterating that inflation has been running hotter than expected Unemployment ticked higher to 70% while inflation for May for both core and headline printed as expected at 30% and 17% YoY respectively Trade tensions with the US flared…, AUD, | Australian dollar landed in the bottom half of the G10 in Q2 In May the RBA cut rates by 25bps with RBA Governor Bullock stating that the board had considered a 50bp cut with negative revisions to growth forecasts De-escalations in US-China trade tensions as well as an Israel-Iran cease fire boosted risk sentiment and helped support AUD in June While Q1 GDP printed lower than expected at 02%…, CHF, | Swiss franc outperformed the rest of the G10 in Q2 as geopolitical tensions in the Mideast helped propel CHF higher in a flight to safety May headline CPI came in negative at -01% YoY while core dropped to 05% YoY The SNB cut rates by 25bps down to 00% with President Schlegel hinting at a move towards negative rates while acknowledging its undesirable consequences while keeping FX intervention…, EM, | Emerging market currencies gained over 5% in Q2 as represented by the MSCI Emerging Markets Currency Index with continuing US dollar weakness promoting higher EM currencies In China a decrease in trade tension helped lift the CSI equity index and showed a willingness to allow their currency to strengthen In Mexico MXN leveraged strong Mexican equity performance and confidence in President…, FX Rate, Change 3M %, Change 1Y%, EUR-USD 117385 867% 953% GBP-USD 137035 617% 841% USD-JPY 144445 353% 1136% AUD-USD 065535 517% -187% USD-CAD 13645 548% 028% USD-CHF 0796 1115% 1289% Source WM/Reuters, Currency for return, Currency Alpha Mesirow Currency Management’s (MCM Extended Markets Currency Alpha Asian Markets Currency Alpha Emerging Markets Currency Alpha and Systematic Macro strategy all made gains this quarter   Our Machine Learning Trend-following and Non-Correlated suites of models all performed positively in 2Q2025 Global volatility spiked mid-April (Figure 2 and Figure 3 but ended the quarter at…,  , Explore currency solutions, Passive and Dynamic Risk Management,       Customized solutions to manage unrewarded currency risk in international portfolios Learn more, Currency for Return,       Strategies that aim to profit from short and medium-term moves in the currency market  Learn more, Fiduciary FX,       Trading solution for asset managers and owners with focus on reducing transaction costs improving transparency and enhancing efficiency Learn more  1 2 The GVI is an internal proprietary model utilizing one month at-the-money (ATM volatility for G10 currencies including crosses plus BIS liquidity report weightings

Currency for return   |   Latest MCM viewpoints   |   Contact us   |   Explore currency solutions, US dollar worst G10 performer 3Q2024, US dollar was the worst performer in the G10 over the third quarter pressured by the Fed’s 50bp  At the Jackson Hole CB symposium Fed Chair Powell signaled that they would be lowering rates Employment generally disappointed with the latest nonfarm payrolls weaker than expected at 142K vs 165K consensus while unemployment came in a bit lower than before at 42% vs 43% previously Although the most…, EUR |, Euro was a middling performer in the G10 in Q3 as data was weak and the ECB cut rates Data over the quarter indicated a softening of inflation falling from 26%YoY in July to 22% in August Germany and France both printed weak economic data in early September with industrial production contracting more than expected in both countries The ECB cut rates at their September meeting in a widely…, GBP |, Sterling was a strong performer in Q3 A strong July was followed by an equally strong reversal in early August ultimately recovering higher over the second half of the quarter as a landslide Labor general election win fueled hopes for a sustained recovery in the domestic economy The BoE delivered a 25bps cut to 5% towards the end of July The latest UK labour data was mixed with employment…, JPY |, Yen was the highest performer in the G10 by a wide margin in Q3 The BoJ’s hawkish stance on interest rates and subsequent hike by 15bps to 025% underpinned JPY While BoJ Governor Ueda let the markets know that policymakers would raise rates again if needed the BoJ kept rates unchanged at their most recent meeting The latest Tokyo CPI printed at 22% YoY from 26% the month before retails sales came…, AUD |, Australian dollar landed in the lower half of the G10 in Q3 as the RBA kept its policy rate unchanged at 435% maintaining its hawkish stance with an emphasis on underlying inflation August CPI printed as expected at 27% YoY down from 35% the previous month While unemployment remained at 42% in August employment increased more than consensus and the participation rate matched consensus at 671%…, CAD |, Canadian dollar was broadly weaker over the quarter ending Q3 by underperforming the rest of the G10 in September The BoC cut rates twice in the quarter for a total of 50bps dropping their policy rate to 425% Following the 2nd cut Governor Macklem indicated the bank’s willingness to take a bigger step in the future if the data necessitates The latest headline inflation came in under consensus at…, CHF |, The Swiss franc performed well over the quarter trailing only Yen in the G10 However September was a relatively weaker month as the SNB cut rates by 25bps to 1% Inflation numbers generally softened as August CPI registered lower than consensus with YoY at 11% vs 12% expected and MoM at 0% vs 01% expected However recent GDP printed better than expected at 07% QoQ vs 05% consensus The SNB stated…, EM |, EM currencies appreciated as the MSCI EM Currency index gained over 4% in Q3 promoted by a weaker US dollar Chinese yuan strengthened as PBoC Governor Pan Gongsheng announced a package of interest-rate cuts liquidity and support for the stock market In contrast Turkish lira performed poorly in the EM space as foreign equity outflows weighed on the currency as second quarter earnings were lower…, FX Rate, Change 3M %, Change 1Y%, EUR-USD 111605 413% 541% GBP-USD 1134135 611% 990% USD-JPY 14304 1246% 432% AUD-USD 069375 388% 749% USD-CAD 135095 129% 008% USD-CHF 084355 653% 845% Source WM/Reuters   Currency for return Currency Alpha Mesirow Currency Management’s (MCM Extended Markets Currency Alpha Asian Markets Currency Alpha Emerging Markets Currency Alpha and Systematic Macro strategy all enjoyed notable gains this…,  , Explore currency solutions, Passive and Dynamic Risk Management,       Customized solutions to manage unrewarded currency risk in international portfolios Learn more, Currency for Return,       Strategies that aim to profit from short and medium-term moves in the currency market  Learn more, Fiduciary FX,       Trading solution for asset managers and owners with focus on reducing transaction costs improving transparency and enhancing efficiency Learn more  

US dollar lands in lower half of G10 in 3Q, The US dollar landed in the lower half of the G10 in Q3 rallying in July and late September after August weakness The Fed maintained a data-dependent stance throughout the period keeping rates steady in July before cutting by 25bps in September amid heightened attention on Fed independence and speculation over a potential larger move Political pressure on Fed independence remained a persistent…, EUR, | Euro was a middling performer in the G10 in Q3 amid mixed economic and political developments Trade-related uncertainty persisted despite a US-EU deal announced in July The ECB held rates steady throughout the quarter with President Lagarde emphasizing data dependence and reiterating that risks to growth remained tilted to the downside The latest inflation print showed Eurozone CPI at 01% MoM…, GBP, | Sterling was among the weaker G10 currencies in Q3 The BoE cut rates by 25bps in August before holding steady in September in a 7–2 vote with Governor Bailey noting that the cutting cycle was not yet complete While labor statistics improved much of the economic data continued to underwhelm as GDP manufacturing production and retail sales all missed expectations earlier in the quarter The most…, JPY, | Japanese yen was a notable underperformer in the G10 in Q3 reflecting political uncertainty and a cautious Bank of Japan The BoJ kept policy unchanged throughout the period with Governor Ueda maintaining a wait-and-see stance despite inflation remaining above target earlier in the quarter Political instability intensified following the ruling coalition’s loss of its upper-house majority…, CAD, | Canadian dollar landed in the bottom third of the G10 in Q3 The BoC held rates at 275% through July before cutting by 25bps to 25% in September citing risks from global protectionism Employment data released in August and September were notably weak showing net job losses of -408K and -655K respectively while unemployment rose to 71% Headline inflation for August registered at 19% YoY Although…, AUD, | Australian dollar was among the stronger G10 currencies in Q3 The RBA surprised markets in July by holding rates then delivered a 25bps cut in August before remaining on hold again in September at 36% Data releases during the quarter were mixed as employment prints were weaker than expected Q2 GDP beat consensus at 06% QoQ and headline inflation rose to 30% YoY in August, CHF, | Swiss franc landed in the middle of the G10 in Q3 The SNB held rates steady at 0% throughout the quarter following 6 consecutive cuts as inflation remained subdued at 02% YoY from the latest release Swiss manufacturing PMI remained in contractionary territory throughout the quarter Towards quarter-end the Swiss Department of Finance and the SNB released a joint statement with the US Treasury…, EM, | Emerging Market currencies proxied through the MSCI Emerging Markets Currency Index fell a modest -047% in Q3 as EM equities delivered double-digit returns The Fed’s September rate cut and ongoing investor enthusiasm for AI-related stocks benefited emerging markets as Chinese yuan gained against US dollar while Taiwan dollar trailed over the quarter TABLE 1 USD-BASED AS OF September 30 2025    , FX Rate, Change 3M %, Change 1Y%, EUR-USD 1175 010% 528% GBP-USD 134625 -176% 037% USD-JPY 147685 -219% -315% AUD-USD 066275 113% -447% USD-CAD 13914 -193% -291% USD-CHF 079565 004% 602% Source WM/Reuters, Currency for return, Currency Alpha Mesirow Currency Management’s (MCM Extended Markets Currency Alpha Emerging Markets Currency Alpha and Systematic Macro strategy all made gains this quarter however our Asian Markets Currency Alpha strategy ended the quarter in the red  Our Machine Learning suite of technical models performed the best in 3Q2025 while our trend-following suite of models sustained the greatest…,  , Explore currency solutions, Passive and Dynamic Risk Management,       Customized solutions to manage unrewarded currency risk in international portfolios Learn more, Currency for Return,       Strategies that aim to profit from short and medium-term moves in the currency market  Learn more, Fiduciary FX,       Trading solution for asset managers and owners with focus on reducing transaction costs improving transparency and enhancing efficiency Learn more  1 2 The GVI is an internal proprietary model utilizing one month at-the-money (ATM volatility for G10 currencies including crosses plus BIS liquidity report weightings

Currency for return   |   Latest MCM viewpoints   |   Contact us   |   Explore currency solutions, US dollar outperforms other G10 currencies in 4Q2024, The US dollar handily outperformed the rest of the G10 currencies in Q4 driven by positive data the Republican clean sweep and year-end safe-haven buying as the market readied for a Trump presidency Recent employment prints showed a supportive labor market with non-farm payrolls higher than consensus at 227K vs 220K expected Inflation held relatively steady with headline and core CPI for November…, EUR |, Euro was a middling performer within the G10 in Q4 with the ECB ending the year on a dovish note The ECB cut rates by 50bps over the quarter as the inflation outlook became more favorable while economic and political uncertainty remained In their most recent statement the ECB removed language that the central bank would “keep policy rates sufficiently restrictive for as long as necessary”…, GBP |, Sterling was a relatively high performer within the G10 in Q4 The BoE cut rates by 25bps in November as expected although the budget release at the end of October was seen as inflationary Although GDP contracted 01% MoM in October preliminary December composite PMI remained expansionary and average weekly earnings rose 52% YoY over three months in October besting 46% expected The BoE left rates…, JPY |, Yen landed in the lower third of the G10 in Q4 pressured early in the quarter as the ruling coalition lost their majority and Governor Ueda expressed that current environment did not require the bank to raise interest rates further” By the end of November national inflation data printed at 23% with Ueda adding that rate hikes were nearing However the BoJ left the policy rate at 025% at the…, CAD |, Canadian dollar outperformed the majority of developed currencies save the strong US dollar in Q4 The BoC cut rates by a total of 100bps over the quarter while CPI numbers fluctuated around 2% YoY Recent unemployment numbers ticked higher than expected to 68% while hourly wages sunk well below expectations at 39% YoY vs 47% consensus At the December meeting Governor Macklem said that the central…, AUD |, Australian dollar broadly weakened in Q4 only outperforming the New Zealand dollar in the G10 Although the RBA kept its policy rate unchanged at 435% the most recent statement had a more dovish tone with the central bank softening its forward guidance while failing to rule out a rate cut in the near term during the press conference Additional pressure was felt on AUD as China’s stimulus hopes…, CHF |, Swiss franc was a middling performer in the G10 in Q4 While CHF received a boost from the escalation of Russian-Ukraine conflict continued dovish rhetoric from the SNB weighed on the currency The SNB cut rates again by 50bps in December to 05% while the market expected 25bps During the press conference SNB President Schlegel noted more room left on rates and that the SNB could not exclude the…, EM |, Emerging market currencies were under pressure in Q4 as the MSCI EM Currency Index fell -36% over the quarter Trump’s victory and the Republican clean sweep acted as a headwind for EM equities and currencies in the face of investor concerns about the impact of Trump’s proposed tariffs particularly on China TABLE 1 USD-BASED AS OF DECEMBER 31 2024    , FX Rate, Change 3M %, Change 1Y%, EUR-USD 10355 -722% -626% GBP-USD 12524 -663% -176% USD-JPY 15716 -898% -1030% AUD-USD 061915 -1075% -926% USD-CAD 14382 -607% -832% USD-CHF 090625 -692% -713% Source WM/Reuters   Currency for return Mesirow Currency Management’s (MCM Extended Markets Currency Alpha Asian Markets Currency Alpha Emerging Markets Currency Alpha and Systematic Macro strategy all enjoyed gains this quarter The…,  , Explore currency solutions, Passive and Dynamic Risk Management,       Customized solutions to manage unrewarded currency risk in international portfolios Learn more, Currency for Return,       Strategies that aim to profit from short and medium-term moves in the currency market  Learn more, Fiduciary FX,       Trading solution for asset managers and owners with focus on reducing transaction costs improving transparency and enhancing efficiency Learn more  1  The GVI is an internal proprietary model utilizing one month at-the-money (ATM volatility for G10 currencies including crosses plus BIS liquidity report weightings

Mesirow announced today that its Currency Management group has surpassed $100 billion in assets under management (“AUM” as of December 31 2019 Currency is one of the biggest risks for institutions investing abroad and as more money is put to work overseas this risk continues to grow As a result a significant demand for Mesirow’s currency risk management services has led to a 50% increase in AUM…, About Mesirow , Mesirow is an independent employee-owned financial services firm founded in 1937 Headquartered in Chicago with offices in 21 cities we serve clients through a personal custom approach to reaching financial goals and acting as a force for social good With capabilities spanning Global Investment Management Capital Markets & Investment Banking and Advisory Services we invest in what matters our…

CHICAGO January 23 2018,  – Mesirow Financial recently signed and committed to the FX Global Code of Conduct By embracing these global standards Mesirow is dedicated to follow a common set of guidelines and has taken appropriate steps based on its size complexity of activities and the nature of its engagement in the FX Market to align its activities with the principles of the code The FX Global Code of Conduct is a set…

Alex Foreman joins Mesirow Currency Management’s 24-hour global trading team from Russell Investments, Foreman joins amid a 41% surge in trading volume and 38% AUM growth over the past three years 1, CHICAGO July 17 2024, – Mesirow an independent employee-owned financial services firm announced today that, Alex Foreman, has joined Mesirow Currency Management’s trading team from Russell Investments Foreman brings twelve years of strategy and execution expertise and joins a highly skilled trading team that averages over 20 years of experience and serves a global institutional client base on a 24-hour basis  “We’re excited to have Alex join the team” said, Joe Hoffman, CFA CEO of Mesirow Currency Management, “Last year our trading volume exceeded $715 billion and our AUM has continued to increase every year for the past ten years Our commitment to our clients is our top priority and we’ve been happy to be able to add new team members to the group as our client offerings have expanded and our long-term partnerships with institutions around the world have grown” Before joining Mesirow Alex spent over a…, About Mesirow Currency Management, With more than $169B in currency assets 1, Mesirow Currency Management, has been delivering innovative customized currency solutions to institutional clients globally since 1990 Being a private employee-owned firm Mesirow is free from many conflicts of interest associated with bank-affiliated organizations or publicly held firms and is fully aligned with the interests of its clients Mesirow Currency Management is a signatory to the FX Global Code of Conduct and is a…, About Mesirow, Mesirow is an independent employee-owned financial services firm founded in 1937 Headquartered in Chicago with locations around the world we serve clients through a personal custom approach to reaching financial goals and acting as a force for social good With capabilities spanning Global Investment Management Capital Markets & Investment Banking and Advisory Services we invest in what…, mesirowcom, follow us on, LinkedIn, and subscribe to, Spark, our quarterly newsletter Mesirow has been named one of the Best Places to Work in Chicago by Crain’s Chicago Business multiple times and is one of Barron’s Top 100 RIA firms  Mesirow refers to Mesirow Financial Holdings Inc and its divisions subsidiaries and affiliates The Mesirow name and logo are registered service marks of Mesirow Financial Holdings Inc © 2024 Mesirow Financial Holdings Inc…

Firm hires Marcin Bednarczyk from Russell Investments as Senior Vice President Bednarczyk will focus on implementing the team’s investment strategy and portfolio management functions The role will support the recently expanded suite of products and continued increase in AUM, CHICAGO July 30 2021, – Mesirow Financial Holdings Inc (“Mesirow” or the “firm” an independent employee-owned financial services firm today announced Marcin Bednarczyk has joined as a Senior Vice President Senior Portfolio Manager where he will focus on implementing the team’s investment strategy and portfolio management functions The team’s assets under management have grown to more than $124 billion* as…, About Mesirow Currency Management , With global headquarters in Chicago and investment presence around the world Mesirow Currency Management manages over $124 billion* in assets for an institutional global client base and offers custom solutions to suit specific client needs Our offerings include execution services passive management active currency risk management and currency for return For more information please visit…, About Mesirow , Mesirow is an independent employee-owned financial services firm founded in 1937 Headquartered in Chicago with locations around the world we serve clients through a personal custom approach to reaching financial goals and acting as a force for social good With capabilities spanning Global Investment Management Capital Markets & Investment Banking and Advisory Services we invest in what…

Mesirow (“the “firm” today announced the recent appointments of three executives with proven track records of driving business growth and enhancing the client experience in the financial services industry “To deliver excellence to clients we are committed to attracting and retaining top-notch talent across all levels of our organization” said Dominick Mondi President and CEO of Mesirow “Our firm…, About Mesirow , Mesirow is an independent employee-owned financial services firm founded in 1937 Headquartered in Chicago with offices in 21 cities we serve clients through a personal custom approach to reaching financial goals and acting as a force for social good With capabilities spanning Global Investment Management Capital Markets & Investment Banking and Advisory Services we invest in what matters our…

Firm awarded top score of 100 for sixth time, Human Rights Campaign Corporate Equality Index provides an annual assessment of LGBTQ+ workplace equality, CHICAGO January 8 2024, – Mesirow an independent employee-owned financial services firm today announced that it received a top score of 100 on the Human Rights Campaign (HRC Foundation’s 2025 Corporate Equality Index (CEI the nation’s foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality The 2025 CEI includes 1449 businesses the highest number of rated…, Mesirow CEO, Natalie Brown, “We appreciate the work of our professionals as they develop programs and community engagement that promote allyship respect and authenticity” The CEI rates companies on detailed criteria falling under four central pillars non-discrimination policies across business entities equitable benefits for LGBTQ+ workers and their families supporting an inclusive culture and corporate social…, HRCF Senior Director of Workplace Equality RaShawn “Shawnie” Hawkins SHRM-CP, “As conversations evolve on corporate America’s approach to diversity equity and inclusion year-over-year growth in CEI participation is evidence of a business community that largely recognizes the responsibility and value in upholding equity and inclusion” The full report is available online at hrcorg/cei  , About Mesirow , Mesirow is an independent employee-owned financial services firm founded in 1937 Headquartered in Chicago with offices around the world we serve clients through a personal custom approach to reaching financial goals and acting as a force for social good With capabilities spanning Global Investment Management Capital Markets & Investment Banking and Advisory Services we invest in what matters…, About the Human Rights Campaign, The Human Rights Campaign Foundation is the educational arm of the Human Rights Campaign (HRC Americas largest civil rights organization working to achieve equality for lesbian gay bisexual transgender and queer (LGBTQ+ people Through its programs the HRC Foundation seeks to make transformational change in the everyday lives of LGBTQ+ people shedding light on inequity and deepening the public’s…