Foreign Exchange Market – September 12, 2025

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| Local currency leads in LatAm

• The dollar maintains its bearish bias amid firm expectations of a rate cut by the Fed. 
• The euro It is strengthened by a more restrictive ECB and a lower probability of further rate cuts. 
• The pound remains constrained by economic weakness and expectations of further BoE cuts.

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| Hector Wilson Tovar Garcia: Research Manager – wtovar@accivalores.com

| Maria Alejandra Martinez Botero: Research Director – maria.martinez@accivalores.com

| Laura Sophia Fajardo Rojas: IE Analyst - Laura Fajardo@accivalores.com

| Hugo Camilo Beltran Gomez: IE Analyst – hugo.beltran@accivalores.com

| Maria Lorena Moreno: Analyst – maria.moreno@accivalores.com

| Sara Sofia Guzmán Suárez: Intern – sara.guzman@accivalores.com