Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

FX & Rates

<ul><li>The Aussie Dollar is acting as a delta one to the Chinese Economic data, as the People's Bank of China (PBOC) remains committed to maintaining the stability of the CNY.</li><li>The AUDJPY has formed an intermediate double-top pattern.</li><li>While it is likely to rebound, it could also be influenced by the difference in export growth between ROW with China and Japan.</li></ul>

The Aussie Dollar is acting as a delta one to the Chinese Economic data, as the People's Bank of China (PBOC) remains committed to maintaining the stability of the CNY.The AUDJPY has formed an intermediate double-top pattern.While it is likely to rebound, it could also be influenced by the difference in export growth between ROW with China and Japan.

Part Three: Australian Dollar and AGB Yields

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>We hope you have enjoyed our China Week coverage with extensive analysis on the ongoing malaise in Chinese Real Estate.</li><li>Positioning in CNY markets is an underreported angle in the discussion on China as it may help guide asset performance from here, now that everyone and their mother agrees that China is stuck in a mess.</li><li>Are international investors even involved in China anymore?</li></ul>

We hope you have enjoyed our China Week coverage with extensive analysis on the ongoing malaise in Chinese Real Estate.Positioning in CNY markets is an underreported angle in the discussion on China as it may help guide asset performance from here, now that everyone and their mother agrees that China is stuck in a mess.Are international investors even involved in China anymore?

Positioning Watch: Is Anyone Even Invested in China at This Stage?

External broker reports(aggregated public sources), Scotiabank

Scotiabank

External broker reports(aggregated public sources)

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>CFTC data for the week through December 10 reflects a small improvement in overall USD bullish sentiment.</li><li>Aggregate net Non-Commercial USD longs versus the major currencies we cover in this report rose USD1.5bn to USD24.3bn.</li><li>Additional data shows Real Money (institutional) traders cut their small net USD long from the prior week back to zero while Leveraged (hedge fund) traders boosted net USD longs by about USD2bn to USD10.5bn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CFTC data for the week through December 10 reflects a small improvement in overall USD bullish sentiment.Aggregate net Non-Commercial USD longs versus the major currencies we cover in this report rose USD1.5bn to USD24.3bn.Additional data shows Real Money (institutional) traders cut their small net USD long from the prior week back to zero while Leveraged (hedge fund) traders boosted net USD longs by about USD2bn to USD10.5bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weekly CFTC Sentiment Data - USD Bull Sentiment Strengthens

<ul><li>The latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December, with traders perhaps lacking the motivation to adjust exposures after the Thanksgiving break.</li><li>Aggregate long USD positioning among Non-Commercial (speculative) accounts fell USD498mn over the week to USD22.8bn—after holding steady at USD23.3bn over the prior two weeks.</li><li>Additional data shows Leveraged traders (hedge funds) adding about USD1.5bn to net long USD positions, taking exposure up to USD8.5bn, while Institutional (real money) traders doubled net long USDs to USD3bn.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December, with traders perhaps lacking the motivation to adjust exposures after the Thanksgiving break.Aggregate long USD positioning among Non-Commercial (speculative) accounts fell USD498mn over the week to USD22.8bn—after holding steady at USD23.3bn over the prior two weeks.Additional data shows Leveraged traders (hedge funds) adding about USD1.5bn to net long USD positions, taking exposure up to USD8.5bn, while Institutional (real money) traders doubled net long USDs to USD3bn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weekly CFTC Sentiment Report - USD Sentiment/Positioning Stable

<ul><li>CFTC data reflects broadly steady positioning in the USD amongst all market participants running into the US Thanksgiving break last week.</li><li>Trends were split across specific currency contracts but aggregate exposure to the USD among NonCommercial (speculative) accounts was all but unchanged (just USD14mn higher, to be precise) on the week at USD23.3bn.</li><li>Leveraged traders (hedge funds) pared some USD2bn from their net long USD positions, taking exposure down to USD6.9bn, and Institutional (real money) traders held their tentative net long USD position little changed at USD1.3bn</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CFTC data reflects broadly steady positioning in the USD amongst all market participants running into the US Thanksgiving break last week.Trends were split across specific currency contracts but aggregate exposure to the USD among NonCommercial (speculative) accounts was all but unchanged (just USD14mn higher, to be precise) on the week at USD23.3bn.Leveraged traders (hedge funds) pared some USD2bn from their net long USD positions, taking exposure down to USD6.9bn, and Institutional (real money) traders held their tentative net long USD position little changed at USD1.3bnContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weekly CFTC Sentiment Report - USD Sentiment Mixed but Stable into Holiday Break

Australia

The Australian dollar is the official currency of the Commonwealth of Australia.

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AUD (USDAUD CURNCY)

Part Three: Australian Dollar and AGB Yields

The Aussie Dollar is acting as a delta one to the Chinese Economic data, as the People's Bank of China (PBOC) remains committed to maintaining the...

Untying The Gordian Knot

Positioning Watch: Is Anyone Even Invested in China at This Stage?

We hope you have enjoyed our China Week coverage with extensive analysis on the ongoing malaise in Chinese Real Estate. Positioning in CNY markets...

Steno Research

Weekly CFTC Sentiment Data - USD Bull Sentiment Strengthens

Speculative traders moved in different directions on the major currencies. They boosted net JPY longs USD1.9bn and lifted net GBP longs by USD634mn.

Scotiabank

Weekly CFTC Sentiment Report - USD Sentiment/Positioning Stable

The latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December

Scotiabank

Weekly CFTC Sentiment Report - USD Sentiment Mixed but Stable into Holiday Break

CFTC data reflects broadly steady positioning in the USD amongst all market participants running into the US Thanksgiving break last week.

Scotiabank

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)