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 is steady in broad terms to start the week. Major currencies are narrowly mixed in light trade.</li><li>The JPY is a moderate outperformer on the session ahead of tonight’s Tokyo CPI data while high beta FX is underperforming.</li><li>Lower oil prices are weighing on the NOK but softer stocks generally—after hefty falls in Chinese markets earlier—are weighing on the AUD and NZD. </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 steady in broad terms to start the week. Major currencies are narrowly mixed in light trade.The JPY is a moderate outperformer on the session ahead of tonight’s Tokyo CPI data while high beta FX is underperforming.Lower oil prices are weighing on the NOK but softer stocks generally—after hefty falls in Chinese markets earlier—are weighing on the AUD and NZD. 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 Holds Steady as Jobs Data Dust Settles

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.

Technical Analysis

<ul><li>While much focus has been on EURO/USD cross, Asian currencies haven’t seen that much focus due to range-bound markets.</li><li>That is until two weeks ago when the USD/YEN breakout caught the imagination and became the centre of all things foreign exchange. Bonds &amp; short-term interest rates have been the macro focus of 2022.</li><li>The extent to which US bond yields have risen signals that the bond sell-off is not about to end despite the inverted yield curve. It is likely to cause more pain for EM countries.</li></ul>

While much focus has been on EURO/USD cross, Asian currencies haven’t seen that much focus due to range-bound markets.That is until two weeks ago when the USD/YEN breakout caught the imagination and became the centre of all things foreign exchange. Bonds &amp; short-term interest rates have been the macro focus of 2022.The extent to which US bond yields have risen signals that the bond sell-off is not about to end despite the inverted yield curve. It is likely to cause more pain for EM countries.

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.

Macroeconomics

<ul><li>Welcome to the “Week at a Glance,” where we examine the key releases and themes for the week ahead through the lens of macro trading.</li><li>China has reduced the 7-day repo rate by 10 basis points, following up with a cut in the loan prime rate.</li><li>This move mirrors the strategy from June 13, 2023.</li></ul>

Welcome to the “Week at a Glance,” where we examine the key releases and themes for the week ahead through the lens of macro trading.China has reduced the 7-day repo rate by 10 basis points, following up with a cut in the loan prime rate.This move mirrors the strategy from June 13, 2023.

The Week At Glance: A look at US Cycle indicators. You sure consensus is right?

Cross Asset Strategy

<ul><li>Today, I am going to address three main topics of concern for investors given the current conflicting signals from the US economy.</li><li>These are the key questions I will address, and I will summarize both the pros and cons of each viewpoint, including my own bottom line: Is liquidity no longer improving, but rather at risk of weakening in the coming months? Is the economy accelerating rather than slowing? Is the commodity complex heavily undervalued or overvalued?</li><li>The equity rotation paired with the sharp sell-off in Tech has had me thinking, and we therefore need to litmus-test every corner of our current thesis. Follow along below.</li></ul>

Today, I am going to address three main topics of concern for investors given the current conflicting signals from the US economy.These are the key questions I will address, and I will summarize both the pros and cons of each viewpoint, including my own bottom line: Is liquidity no longer improving, but rather at risk of weakening in the coming months? Is the economy accelerating rather than slowing? Is the commodity complex heavily undervalued or overvalued?The equity rotation paired with the sharp sell-off in Tech has had me thinking, and we therefore need to litmus-test every corner of our current thesis. Follow along below.

Steno Signals #109 – What if We Are All Wrong on Liquidity, Rates and Commodities?

<ul><li>The USD is trading a little lower on the session. The USD’s New Year rally has stalled, with the EUR gaining a little ground over the course of the European morning session on supportive data.</li><li>The JPY is underperforming amid speculation that the Ishikawa earthquake will leave the BoJ reluctant to adjust monetary policy in the near term, however.</li><li>Broader USD losses are perhaps no more than a pause in the recent rebound which still has room to play out, in my opinion. </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 USD is trading a little lower on the session. The USD’s New Year rally has stalled, with the EUR gaining a little ground over the course of the European morning session on supportive data.The JPY is underperforming amid speculation that the Ishikawa earthquake will leave the BoJ reluctant to adjust monetary policy in the near term, however.Broader USD losses are perhaps no more than a pause in the recent rebound which still has room to play out, in my opinion. 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 Lower but Finds Support on Dips

United States

The euro is the official currency of the European Economic & Monetary Union.  The US dollar is the official currency of the United States of America.

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FX Daily - USD Holds Steady as Jobs Data Dust Settles

FX Market Update—The USD is steady in broad terms to start the week. Major currencies are narrowly mixed in light trade.

Scotiabank

A powder keg

While much focus has been on EURO/USD cross, Asian currencies haven’t seen that much focus due to range-bound markets. That is until two weeks ago...

Untying The Gordian Knot

The Week At Glance: A look at US Cycle indicators. You sure consensus is right?

Welcome to the “Week at a Glance,” where we examine the key releases and themes for the week ahead through the lens of macro trading. China has...

Steno Research

Steno Signals #109 – What if We Are All Wrong on Liquidity, Rates and Commodities?

I am going to address three main topics of concern for investors given the current conflicting signals from the US economy.

Steno Research

FX Daily - USD Edges Lower but Finds Support on Dips

he USD’s New Year rally has stalled, with the EUR gaining a little ground over the course of the European morning session on supportive data.

Scotiabank

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