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 USD remains range-bound in broad terms and is trading mixed on the session again in the absence of a stronger sense of direction across the major currencies.</li><li>Gains in the dollar index (DXY) peaked around 103.8 yesterday, equating to a retest of last week’s high.</li><li>The turn lower in the index tilts short-term technical risks to the downside and a test of the 103 area but whether the markets can muster the momentum to push lower ahead of Wednesday’s FOMC decision remains to be seen. </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 remains range-bound in broad terms and is trading mixed on the session again in the absence of a stronger sense of direction across the major currencies.Gains in the dollar index (DXY) peaked around 103.8 yesterday, equating to a retest of last week’s high.The turn lower in the index tilts short-term technical risks to the downside and a test of the 103 area but whether the markets can muster the momentum to push lower ahead of Wednesday’s FOMC decision remains to be seen. 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>The latest snapshot of FX sentiment and positioning provided by the CFTC data for the week through January 23rd reflect a further reduction in overall USD bearishness, in keeping with the broader USD rebound seen in early 2024 so far.</li><li>Non-commercial (speculative) traders pared aggregate USD shorts (against the major currencies we monitor for this report) USD3.6bn in the week through last Tuesday, taking the overall net short back to USD5.7bn.</li><li>Additional data shows Institutional Accounts (real money traders) clipping aggregate USD longs USD4.5bn on the week while Leveraged Accounts (hedge funds) reduced a small net long from the prior couple of weeks to effectively flat</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 and positioning provided by the CFTC data for the week through January 23rd reflect a further reduction in overall USD bearishness, in keeping with the broader USD rebound seen in early 2024 so far.Non-commercial (speculative) traders pared aggregate USD shorts (against the major currencies we monitor for this report) USD3.6bn in the week through last Tuesday, taking the overall net short back to USD5.7bn.Additional data shows Institutional Accounts (real money traders) clipping aggregate USD longs USD4.5bn on the week while Leveraged Accounts (hedge funds) reduced a small net long from the prior couple of weeks to effectively flatContent 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 Weekly Sentiment Report - USD Sentiment Improves on EUR Long Liquidation

<ul><li>Choppy, range-bound trading in the major currencies continues.</li><li>The US PMI data and a sloppy 5Y auction yesterday helped drive US yields higher and lift the USD off its lows but markets are not showing an awful lot of conviction either way at this point, with event risk looming large on the near-term horizon.</li><li>Focus today turns to Q4 GDP which is expected to reflect a slowing the pace of growth to around 2.0% (the Atlanta Fed’s GDPNow tracking currently sits at 2.2%). </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.

Choppy, range-bound trading in the major currencies continues.The US PMI data and a sloppy 5Y auction yesterday helped drive US yields higher and lift the USD off its lows but markets are not showing an awful lot of conviction either way at this point, with event risk looming large on the near-term horizon.Focus today turns to Q4 GDP which is expected to reflect a slowing the pace of growth to around 2.0% (the Atlanta Fed’s GDPNow tracking currently sits at 2.2%). 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>The USD is trading generally lower again after failing to build on yesterday’s gains against the majors.</li><li>Market sentiment is positive on the day, with Asian (ex-Japan) and European equity markets firmly in the green; US equity futures are positive.</li><li>China announced a cut in bank reserve requirements (to take place in February) and suggested more support measures for stocks may be coming, helping risk sentiment.</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 generally lower again after failing to build on yesterday’s gains against the majors.Market sentiment is positive on the day, with Asian (ex-Japan) and European equity markets firmly in the green; US equity futures are positive.China announced a cut in bank reserve requirements (to take place in February) and suggested more support measures for stocks may be coming, helping risk sentiment.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 Drops Back as Risk Mood Improves

<ul><li>While the January data round for the US got off to a poor start yesterday, with a much weaker than expected Empire Manufacturing Survey, the USD barely flinched.</li><li>Higher US yields and supportive comments from the Fed’s Waller—who at the very least sounded in no rush to cut rates—helped keep the USD supported.</li><li>The USD is firmer today but has edged off earlier highs versus the majors. </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.

While the January data round for the US got off to a poor start yesterday, with a much weaker than expected Empire Manufacturing Survey, the USD barely flinched.Higher US yields and supportive comments from the Fed’s Waller—who at the very least sounded in no rush to cut rates—helped keep the USD supported.The USD is firmer today but has edged off earlier highs versus the majors. 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 - Weak Risk Mood Adds to USD Support

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 Slips on Lower Yields

The USD remains range-bound in broad terms and is trading mixed on the session again in the absence of a stronger sense of direction across the...

Scotiabank

CFTC Weekly Sentiment Report - USD Sentiment Improves on EUR Long Liquidation

The latest snapshot of FX sentiment and positioning provided by the CFTC data for the week through January 23rd reflect a further reduction in...

Scotiabank

FX Daily - USD Holds Range Ahead of GDP

The US PMI data and a sloppy 5Y auction yesterday helped drive US yields higher and lift the USD off its lows but markets are not showing an awful...

Scotiabank

FX Daily - USD Drops Back as Risk Mood Improves

Market sentiment is positive on the day, with Asian (ex-Japan) and European equity markets firmly in the green; US equity futures are positive.

Scotiabank

FX Daily - Weak Risk Mood Adds to USD Support

While the January data round for the US got off to a poor start yesterday, with a much weaker than expected Empire Manufacturing Survey, the USD...

Scotiabank

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