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	FX Scenario Analysis & Stress Testing
	Impact analysis of adverse FX movements on portfolio exposure under historical and hypothetical stress scenarios
	1. Scenario Definitions
	Scenario	Type	EUR/USD	GBP/USD	USD/JPY	USD/CNY	USD/BRL	USD/CAD	USD/MXN	USD/CHF	Probability	Description
	Base Case	Central	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	40.0%	No change from current spot rates
	USD Strengthening	Hypothetical	-10.0%	-12.0%	8.0%	5.0%	15.0%	-6.0%	12.0%	-8.0%	15.0%	Broad USD strength on rate divergence
	USD Weakening	Hypothetical	10.0%	12.0%	-8.0%	-3.0%	-10.0%	6.0%	-8.0%	8.0%	15.0%	USD weakness on fiscal concerns
	EM Crisis	Historical	5.0%	2.0%	-5.0%	8.0%	35.0%	4.0%	25.0%	6.0%	8.0%	Emerging market contagion (2018-type)
	GFC Replay	Historical	-15.0%	-25.0%	-15.0%	2.0%	40.0%	-20.0%	35.0%	15.0%	5.0%	2008 Global Financial Crisis scenario
	Eurozone Break-up	Tail Risk	-30.0%	-15.0%	-10.0%	5.0%	20.0%	-8.0%	15.0%	20.0%	2.0%	EUR collapse, safe-haven flows to CHF
	China Devaluation	Tail Risk	-5.0%	-8.0%	-8.0%	15.0%	20.0%	-6.0%	18.0%	-3.0%	3.0%	Managed CNY devaluation 15%
	Pandemic Shock	Historical	-4.0%	-12.0%	-3.0%	2.0%	30.0%	-8.0%	22.0%	5.0%	7.0%	COVID-19 March 2020 type shock
	2. Portfolio P&L Impact by Scenario (USD)
	Scenario	Unhedged P&L	Hedged P&L	Net P&L Impact	Max Loss Currency	P&L as % of Exposure	Probability-Weighted Loss
	Base Case	-	-	-	N/A	0.00%	-
	USD Strengthening	($2,116,000)	$1,776,550	$1,776,550	GBP/USD	0.85%	$266,483
	USD Weakening	$4,034,000	($579,922)	($579,922)	EUR/USD	-0.28%	($86,988)
	EM Crisis	$13,374,000	$7,666,444	$7,666,444	USD/BRL	3.67%	$613,316
	GFC Replay	($15,285,500)	($1,059,452)	($1,059,452)	USD/BRL	-0.51%	($52,973)
	Eurozone Break-up	($20,637,500)	($3,736,242)	($3,736,242)	EUR/USD	-1.79%	($74,725)
	China Devaluation	$619,000	$2,601,882	$2,601,882	USD/CNY	1.25%	$78,056
	Pandemic Shock	($709,600)	$2,812,480	$2,812,480	USD/BRL	1.35%	$196,874
	EXPECTED (WEIGHTED)						$940,042
	WORST CASE			($3,736,242)		-1.79%
	3. Currency-Level Sensitivity Grid (Worst Scenario P&L by Currency)
	Scenario	EUR/USD	GBP/USD	USD/JPY	USD/CNY	USD/BRL	USD/CAD	USD/MXN	USD/CHF	Total Impact
	Base Case	-	-	-	-	-	-	-	-	-
	USD Strengthening	($1,461,000)	($1,312,416)	$1,432,640	$805,070	$2,585,400	($261,144)	$38,400	($50,400)	$1,776,550
	USD Weakening	$1,461,000	$1,312,416	($1,432,640)	($483,042)	($1,723,600)	$261,144	($25,600)	$50,400	($579,922)
	EM Crisis	$730,500	$218,736	($895,400)	$1,288,112	$6,032,600	$174,096	$80,000	$37,800	$7,666,444
	GFC Replay	($2,191,500)	($2,734,200)	($2,686,200)	$322,028	$6,894,400	($870,480)	$112,000	$94,500	($1,059,452)
	Eurozone Break-up	($4,383,000)	($1,640,520)	($1,790,800)	$805,070	$3,447,200	($348,192)	$48,000	$126,000	($3,736,242)
	China Devaluation	($730,500)	($874,944)	($1,432,640)	$2,415,210	$3,447,200	($261,144)	$57,600	($18,900)	$2,601,882
	Pandemic Shock	($584,400)	($1,312,416)	($537,240)	$322,028	$5,170,800	($348,192)	$70,400	$31,500	$2,812,480
	MAX LOSS	($4,383,000)	($2,734,200)	($2,686,200)	($483,042)	($1,723,600)	($870,480)	($25,600)	($50,400)	($3,736,242)
	Notes:
	- Positive % = foreign currency depreciation vs USD (loss on receivables). Negative % = USD weakening (gain on receivables).
	- Historical scenarios calibrated to actual peak-to-trough FX moves during referenced events.
	- Red values indicate losses >$500K; green values indicate gains >$500K. Net impacts reflect current hedge ratios.
	- Sample scenarios for illustration. Customize shocks based on internal risk assessment framework.