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 ended 2023 on a soft note, but a little off the low made on December 28th which was the lowest the DXY traded at since July.</li><li>Overall, the DXY registered a down year in 2023, losing around 4% overall after two years of solid gains.</li><li>The holiday period has been relatively quiet. The JPY and CHF have tended to outperform since the 24th while sterling and the EUR are relative underperformers among the majors—but are effectively little changed since just before the holiday break. </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 ended 2023 on a soft note, but a little off the low made on December 28th which was the lowest the DXY traded at since July.Overall, the DXY registered a down year in 2023, losing around 4% overall after two years of solid gains.The holiday period has been relatively quiet. The JPY and CHF have tended to outperform since the 24th while sterling and the EUR are relative underperformers among the majors—but are effectively little changed since just before the holiday break. 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.

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>During the period under consideration, i.e. November 15th to December 15th, 2023, the EUR/USD exchange rate fluctuated between 1,084 and 1,095 in the initial period until November 27th, 2023.</li><li>After reaching 1,099 on November 28th, the exchange rate followed an immediate downtrend until the 11th of December (except for one session), although it remained higher than the levels seen at the beginning of November.</li><li>Conversely on December 12th, the pair recorded an ascent, finally settling at 1.0894.</li></ul>

During the period under consideration, i.e. November 15th to December 15th, 2023, the EUR/USD exchange rate fluctuated between 1,084 and 1,095 in the initial period until November 27th, 2023.After reaching 1,099 on November 28th, the exchange rate followed an immediate downtrend until the 11th of December (except for one session), although it remained higher than the levels seen at the beginning of November.Conversely on December 12th, the pair recorded an ascent, finally settling at 1.0894.

Comment on Exchange Rate EUR/USD - December 15, 2023

External broker reports(aggregated public sources), Nordea

Nordea

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. 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>EUR government bond issuance is set to remain close to this year’s levels in 2024 and stay well below the record issuance volumes seen in 2020.</li><li>The gross issuance need, measured by bond redemptions and the net public deficit, will amount to around EUR 1300bn next year, slightly below this year and considerably lower compared to the more than EUR 1500bn from 2020.</li><li>Bond redemptions will actually increase in 2024 compared to this year, while the net deficit is set to fall.</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.

EUR government bond issuance is set to remain close to this year’s levels in 2024 and stay well below the record issuance volumes seen in 2020.The gross issuance need, measured by bond redemptions and the net public deficit, will amount to around EUR 1300bn next year, slightly below this year and considerably lower compared to the more than EUR 1500bn from 2020.Bond redemptions will actually increase in 2024 compared to this year, while the net deficit is set to fall.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.

<ul><li>Not quite the night before Christmas and some things are still stirring across markets ahead of the holidays.</li><li>The USD is broadly weaker versus the major currencies as markets position ahead of this morning’s data round. Month-end flows may also be weighing on the USD.</li><li>The EUR has risen through recent peaks to trade at its best level since August. </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.

Not quite the night before Christmas and some things are still stirring across markets ahead of the holidays.The USD is broadly weaker versus the major currencies as markets position ahead of this morning’s data round. Month-end flows may also be weighing on the USD.The EUR has risen through recent peaks to trade at its best level since August. 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.

<ul><li>For Q1, we see risk/reward skewed towards paying outright. For 2024, we see risk/reward in favour of receiving outright.</li><li>Steepeners are likely to be perform from the beginning of the year and could be the trades of year if soft landing calls materialise.</li><li>Asset swap spread tightening is likely to continue in 2024, but markets may be ready ahead of January’s heavy swapped issuance, and Q1 may not be the quarter for tighteners beyond the first weeks.</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.

For Q1, we see risk/reward skewed towards paying outright. For 2024, we see risk/reward in favour of receiving outright.Steepeners are likely to be perform from the beginning of the year and could be the trades of year if soft landing calls materialise.Asset swap spread tightening is likely to continue in 2024, but markets may be ready ahead of January’s heavy swapped issuance, and Q1 may not be the quarter for tighteners beyond the first weeks.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.

EUR Rates: 2024 – ECB Cuts Are Priced Too Fast, Not Necessarily Too Far

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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EURO/US DOLLAR (EURUSD CURNCY)

FX Daily - Oversold USD Rebounds

The USD ended 2023 on a soft note, but a little off the low made on December 28th which was the lowest the DXY traded at since July.

Scotiabank

Comment on Exchange Rate EUR/USD - December 15, 2023

During the period under consideration, i.e. November 15th to December 15th, 2023, the EUR/USD exchange rate fluctuated between 1,084 and 1,095 in...

VRS (Valuation & Research Specialists)

Bond Watch: Debt deluge

EUR government bond issuance is set to remain close to this year’s levels in 2024 and stay well below the record issuance volumes seen in...

Nordea

FX Daily - USD Slides Ahead of Data

The USD is broadly weaker versus the major currencies as markets position ahead of this morning’s data round. Month-end flows may also be weighing...

Scotiabank

EUR Rates: 2024 – ECB Cuts Are Priced Too Fast, Not Necessarily Too Far

Outright risks are two-way and significant with risks skewed towards receiving outright for 2024. Steepeners and asset swap spread tighteners could...

Nordea

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