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.

FX & Rates

<ul><li>FX Market Update—The USD remains firm but gains versus the core majors are relatively minor, leaving the more significant USD advances on day so far concentrated against the likes of the MXN and ZAR as well as the NOK and SEK.</li><li>The GBP, CHF and JPY are all down less than 0.1% while the EUR is fractionally higher at writing. Stocks are lower in Asia and Europe while US futures are weaker.</li><li>Crude prices are slightly lower and bond market volatility remains elevated. US 10Y yields are up 9-10bps in overnight trade, reaching a little above 5%, while core European yields are up 7bps or so on the day. </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.

FX Market Update—The USD remains firm but gains versus the core majors are relatively minor, leaving the more significant USD advances on day so far concentrated against the likes of the MXN and ZAR as well as the NOK and SEK.The GBP, CHF and JPY are all down less than 0.1% while the EUR is fractionally higher at writing. Stocks are lower in Asia and Europe while US futures are weaker.Crude prices are slightly lower and bond market volatility remains elevated. US 10Y yields are up 9-10bps in overnight trade, reaching a little above 5%, while core European yields are up 7bps or so on the day. 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.

FX Daily - USD Firmer but Core Majors Hold Steady

<ul><li>Overall changes in aggregate positioning in the USD were little changed in this week’s CFTC data.</li><li>Aggregate Non-Commercial (speculative) net USD longs increased slightly (USD227mn), holding close to recent levels which remains the most bullish positioning on the USD in a little under a year (USD8.7bn).</li><li>Data shows that Leveraged Accounts (hedge funds) pared back aggregate net long USD positioning slightly while Real Money Accounts (institutional investors) persisted with (slightly reduced) net USD shorts.</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.

Overall changes in aggregate positioning in the USD were little changed in this week’s CFTC data.Aggregate Non-Commercial (speculative) net USD longs increased slightly (USD227mn), holding close to recent levels which remains the most bullish positioning on the USD in a little under a year (USD8.7bn).Data shows that Leveraged Accounts (hedge funds) pared back aggregate net long USD positioning slightly while Real Money Accounts (institutional investors) persisted with (slightly reduced) net USD shorts.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 - Speculators Dip Back into Net EUR Longs

Head of Research, Steno Research

Emil Moller

Head of Research

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.

Macroeconomics

<ul><li>Another week of blood and drama. But fear not, we’re here to wrap up the week with our usual watch series, where we’ll gauge the current market sentiment using the latest positioning data.</li><li>First things first, let’s take a quick peek at the chart of the week down below. In yesterday’s Portfolio Watch, we spilled the beans about some big changes we’re planning for our portfolio.</li><li>One of the main reasons we’re making these moves now is because of what we see in this chart: The S&amp;P 500 just dipped below its 200-day moving average support line, waving a red flag that suggests we might be in for a bumpy ride in the coming weeks</li></ul>

Another week of blood and drama. But fear not, we’re here to wrap up the week with our usual watch series, where we’ll gauge the current market sentiment using the latest positioning data.First things first, let’s take a quick peek at the chart of the week down below. In yesterday’s Portfolio Watch, we spilled the beans about some big changes we’re planning for our portfolio.One of the main reasons we’re making these moves now is because of what we see in this chart: The S&amp;P 500 just dipped below its 200-day moving average support line, waving a red flag that suggests we might be in for a bumpy ride in the coming weeks

Positioning Watch: Shifting Gears without Panic

<ul><li>FX Market Update—The USD is trading firmer overall but the “market-weighted” DXY is trading off its earlier highs ahead of the North American session and effectively continues to consolidate within the October trading range.</li><li>Risk appetite has softened somewhat as investors focus on developments in Israel/Gaza. President Biden plans to visit Israel tomorrow.</li><li>European stocks and US equity futures are steady to lower but bonds have weakened. </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.

FX Market Update—The USD is trading firmer overall but the “market-weighted” DXY is trading off its earlier highs ahead of the North American session and effectively continues to consolidate within the October trading range.Risk appetite has softened somewhat as investors focus on developments in Israel/Gaza. President Biden plans to visit Israel tomorrow.European stocks and US equity futures are steady to lower but bonds have weakened. 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.

FX Daily - USD Edges Higher, CAD Slips Ahead of CPI

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

<ul>
<li>Welcome back to our weekly positioning watch, where we run through interest positioning insights/data collected throughout the week.</li>
<li>It’s safe to say that energy is all everyone is talking about with the oil rally still going strong, but the trade might have more to give as positioning is not as exhausted as some people might tell you.</li>
<li>When you take into account the number of traders in the CFTC report, oil positioning is barely anything compared to history.</li>
</ul>


Welcome back to our weekly positioning watch, where we run through interest positioning insights/data collected throughout the week.
It’s safe to say that energy is all everyone is talking about with the oil rally still going strong, but the trade might have more to give as positioning is not as exhausted as some people might tell you.
When you take into account the number of traders in the CFTC report, oil positioning is barely anything compared to history.


Positioning Watch – Oil Longs Are Not as Big as You Think

Canada

The Canadian dollar is the official currency of Canada. 

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CAD (USDCAD CURNCY)

FX Daily - USD Firmer but Core Majors Hold Steady

The GBP, CHF and JPY are all down less than 0.1% while the EUR is fractionally higher at writing. Stocks are lower in Asia and Europe while US...

Scotiabank

Weekly CFTC Sentiment Report - Speculators Dip Back into Net EUR Longs

Aggregate Non-Commercial (speculative) net USD longs increased slightly (USD227mn), holding close to recent levels which remains the most bullish...

Scotiabank

Positioning Watch: Shifting Gears without Panic

I sent Congress an urgent budget request to fund America’s national security needs to support our critical partners, including Israel and...

Steno Research

FX Daily - USD Edges Higher, CAD Slips Ahead of CPI

Risk appetite has softened somewhat as investors focus on developments in Israel/Gaza. President Biden plans to visit Israel tomorrow.

Scotiabank

Positioning Watch – Oil Longs Are Not as Big as You Think

Welcome back to our weekly positioning watch, where we run through interest positioning insights/data collected throughout the week.

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)