Connecting Markets East & West Global Markets Research FX Themes Craig Chan – NSL craig.chan@nomura.com Wee Choon Teo – NSL weechoon.teo@nomura.com Vicky Chen – NSL vicky.chen1@nomura.com See Appendix A-1 for analyst certification, important disclosures and the status of non-US analysts. Any authors named on this report are research analysts unless otherwise indicated. 17 August 2026 FX Themes - Equity (ST Signal) 17-Aug-26 We have developed a framework to identify the main short- and longer-term FX themes. ...