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

US dollar finished in middle against G10 peers, US dollar finished in the middle of the against its G10 peers in Q4 reflecting mixed domestic fundamentals and evolving Fed guidance Early in the quarter the dollar showed strength supported by hawkish Fed communication political uncertainty abroad and safe-haven demand However in November uncertainty around the government shutdown and mixed Fed commentary left markets unsure of the trajectory…, EUR, | Euro was a middling performance relative to the G10 in Q4 shaped primarily by a steady ECB policy backdrop and mixed Eurozone fundamentals Although early-quarter political uncertainty and soft activity data weighed on sentiment the ECB consistently reinforced an “on hold” stance helping anchor rate expectations In December with inflation broadly in line with forecasts upward revisions to growth…, GBP, | Sterling landed in the lower half of the G10 in Q4 shaped by cooling inflation a softening labor market and a gradual shift in BoE policy While easing price pressures and weaker employment dynamics were apparent early in the quarter the BoE maintained a cautious stance mid-quarter reflected in a narrow vote that signaled reluctance to ease prematurely By December Sterling became increasingly…, JPY, | Yen was the weakest currency in G10 in Q4 weighed down by political uncertainty and a dovish policy stance Early in the quarter election results and ministerial appointments heightened market uncertainty The Bank of Japan maintained a dovish stance through October and November and although it implemented a modest 25bps rate hike in December the Yen remained under pressure throughout the quarter…, CAD, | Canadian dollar performed well against most developed currencies in Q4 Although a rate cut steady unemployment and halted US trade negotiations occurred early in the quarter higher-than-expected inflation supported tightening expectations In November lower unemployment strong GDP print and slightly higher CPI data bolstered the currency In December the CAD continued to perform well amid an…, AUD, | Australian dollar landed in the upper half of the G10 over the quarter despite fluctuations throughout the quarter Early in the quarter lower consumer confidence and labor market tightness were offset by optimism around global trade and a subsequent rally in risky assets in Asia following a de-escalation of US-China trade tensions While easing wage growth weighed on AUD mid-quarter hawkish…, CHF, | Swiss franc landed in the upper half of the G10 over the quarter despite fluctuations Starting strong in October CHF was supported by robust exports and a stable labor market despite low inflation In November the franc underperformed most G10 peers as inflation fell below expectations despite successful tariff negotiations with the US By December the SNB held rates steady at 0% with November…, EM, | Emerging Market currencies proxied through the MSCI Emerging Markets Currency Index appreciated 052% over the quarter as EM equities continued to climb into year-end and Fed rate cuts helped support higher carry EM currencies Regionally the PBOC continued to guide USDCNY fixings lower over the quarter as talks between Trump and Xi focused on more trade cooperation as Yuan gained against US…, FX Rate, Change 3M %, Change 1Y%, EUR-USD 117445 -005% 1342% GBP-USD 134505 009% 740% USD-JPY 156745 -578% 026% AUD-USD 066685 062% 770% USD-CAD 137075 151% 492% USD-CHF 079225 043% 1439% Source WM/Reuters, Currency for return, Currency Alpha Mesirow Currency’s Extended Markets Currency Alpha Asian Markets Currency Alpha Emerging Markets Currency Alpha and Systematic Macro strategy all made gains this quarter Our Machine Learning suite of technical models performed the best in 4Q2025 delivering notable gains in all three alpha strategies while our Reverting Trend model sustained the greatest losses  FIGURE 2  MCMS…,  , 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

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…

We know our employees are the foundation of our success Based on your survey feedback we are excited to share the following improvements to our Employee Value Program, Milestone Recognition, We look forward to celebrating and highlighting our employees with significant milestones Milestone anniversaries (3 5 10 15 20 etc years will be awarded with “milestone money” This money can be spent however you choose Each milestone will receive $100x the milestone year HR will communicate additional information on this in the coming weeks, Anniversary Day Off, Employees will receive an additional day off during their milestone anniversary HR will communicate additional information on this in the coming weeks, Health and Wellness Stipend, Each employee will be allowed up to $300 annually to use toward qualifying health and wellness activities For example you can use it toward the cost of a gym membership to purchase exercise equipment or take nutritional classes HR will communicate additional information on this in the coming weeks, Summer Friday Hours, Work permitting every Friday from Memorial Day through Labor Day all employees can leave the office at 330 pm CST to coincide with market closing We hope this allows you to maximize your weekends, Peer-to-Peer Recognition, We will be implementing a formal peer-to-peer recognition program whereby employees can nominate their co-workers for a $500 gift card Its a great way to thank someone who has positively influenced your day and reinforces a culture of support collaboration and achievement, Bar Cart First Fridays, The first Friday of every month (outside of the summer months we will host Bar Cart Fridays on one of our floors starting at 300 pm We encourage you to take advantage of this and get to know your fellow co-workers, Jeans Days, Going forward we are extending Jeans Days to run throughout the months of December through February on an annual basis Employees may wear jeans to work subject to client and business needs All initiatives listed above are a part of our Mesirow Employee Value Program (EVP which touches on Career Development Wellness/Benefits Compensation Culture Workplace/Environment Recognition Human Resources…

Continuing an 82-year legacy of giving back to the community Mesirow employees in July surpassed a milestone 5000 volunteer hours in service to Chicago’s Brighton Park neighborhood since 2013 Through a partnership established in 2013 with United Way of Metro Chicago the people of Mesirow have dedicated themselves through mentorship to students arranging community events providing college and…, CONTACT,   mediainquiries@mesirowfinancialcom  , 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…