External broker reports(aggregated public sources), Scotiabank

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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>The CAD had a solid week last week, rising over 1% against the USD in its best weekly performance since July.</li><li>The origin of the CAD rebound was clearly more of a USD-negative story (perception of Fed dovishness, softer economic data and lower US rates) than a CAD-positive one.</li><li>Indeed, Canadian yields have generally tracked US rates lower in the past few days, keeping US/Canada spreads wide (or wider) along the curve. </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 CAD had a solid week last week, rising over 1% against the USD in its best weekly performance since July.The origin of the CAD rebound was clearly more of a USD-negative story (perception of Fed dovishness, softer economic data and lower US rates) than a CAD-positive one.Indeed, Canadian yields have generally tracked US rates lower in the past few days, keeping US/Canada spreads wide (or wider) along the curve. 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 Snapshot - CAD Rebound May Have Traction

<ul><li>It feels like something major changed in the markets this week as US yields tumbled and the USD fell.</li><li>The FOMC result was pretty much exactly what markets expected.</li><li>The policy statement was virtually unchanged and Chairman Powell’s press conference was evenhanded until markets latched on to subtle hints that the Fed might be done tightening. </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.

It feels like something major changed in the markets this week as US yields tumbled and the USD fell.The FOMC result was pretty much exactly what markets expected.The policy statement was virtually unchanged and Chairman Powell’s press conference was evenhanded until markets latched on to subtle hints that the Fed might be done tightening. 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.

CAD Weekly Outlook - CAD Rebound May Extend on Risk Rally

<ul><li>FX Market Update—The Fed decision added little to the near-term rate outlook on the face of it.</li><li>The policy statement was barely changed at all from September’s but did give a nod to strong growth whilst acknowledging tighter financial (alongside credit) conditions.</li><li>Fed Chairman Powell played it straight at the press conference—not thinking about rate cuts, not confident that policy is restrictive enough and leaving the door open to more tightening. But markets were sniffing out whiffs of dovishness from the chairman— ”proceeding carefully” came up a lot and he did seem to put a bit of distance between where the FOMC is now and the September dots which implied one more hike. </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 Fed decision added little to the near-term rate outlook on the face of it.The policy statement was barely changed at all from September’s but did give a nod to strong growth whilst acknowledging tighter financial (alongside credit) conditions.Fed Chairman Powell played it straight at the press conference—not thinking about rate cuts, not confident that policy is restrictive enough and leaving the door open to more tightening. But markets were sniffing out whiffs of dovishness from the chairman— ”proceeding carefully” came up a lot and he did seem to put a bit of distance between where the FOMC is now and the September dots which implied one more hike. 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 Softer as Market Sees Fed Dovishness

<ul><li>FX Market Update—After falling sharply at the start of the week, the USD is rebounding strongly and is trading higher against all its major currency peers on the session.</li><li>Weak risk appetite seems to be driving broad USD gains though European stocks and US equity futures are off earlier session lows.</li><li>Soft US tech earnings last night are weighing on sentiment but the bounce in the USD seems to overstate the general mood in markets. </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—After falling sharply at the start of the week, the USD is rebounding strongly and is trading higher against all its major currency peers on the session.Weak risk appetite seems to be driving broad USD gains though European stocks and US equity futures are off earlier session lows.Soft US tech earnings last night are weighing on sentiment but the bounce in the USD seems to overstate the general mood in markets. 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 Gains on Soft Risk Mood, CAD Soft Ahead of BoC

<ul><li>The CAD is ending the week slightly lower versus the USD. While this week’s data run has looked a bit soft, considering lower than expected the CPI data and today’s Retail Sales report, the broader tone of Canadian economic data continues to run a little warm— data reports are generally running a bit ahead of expectations.</li><li>And even with CPI easing a little in the September month, prices remain elevated and the risk of inflation getting stuck above target remains.</li><li>Factors driving the CAD have negatively shifted this week, however; correlations across a range of variables are strengthening but remain below statistically significant levels. </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 CAD is ending the week slightly lower versus the USD. While this week’s data run has looked a bit soft, considering lower than expected the CPI data and today’s Retail Sales report, the broader tone of Canadian economic data continues to run a little warm— data reports are generally running a bit ahead of expectations.And even with CPI easing a little in the September month, prices remain elevated and the risk of inflation getting stuck above target remains.Factors driving the CAD have negatively shifted this week, however; correlations across a range of variables are strengthening but remain below statistically significant levels. 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.

CAD Weekly Outlook - CAD Tone Remains Soft, Focus Turns to BoC

Canada

The Canadian dollar is the official currency of Canada. 

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CAD (USDCAD CURNCY)

FX Snapshot - CAD Rebound May Have Traction

The origin of the CAD rebound was clearly more of a USD-negative story (perception of Fed dovishness, softer economic data and lower US rates) than...

Scotiabank

CAD Weekly Outlook - CAD Rebound May Extend on Risk Rally

It feels like something major changed in the markets this week as US yields tumbled and the USD fell. The FOMC result was pretty much exactly what...

Scotiabank

FX Daily - USD Softer as Market Sees Fed Dovishness

The policy statement was barely changed at all from September’s but did give a nod to strong growth whilst acknowledging tighter financial...

Scotiabank

FX Daily - USD Gains on Soft Risk Mood, CAD Soft Ahead of BoC

FX Market Update—After falling sharply at the start of the week, the USD is rebounding strongly and is trading higher against all its major...

Scotiabank

CAD Weekly Outlook - CAD Tone Remains Soft, Focus Turns to BoC

Factors driving the CAD have negatively shifted this week, however; correlations across a range of variables are strengthening but remain below...

Scotiabank

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