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>Traders moved to cut overall USD longs further still in the past week’s CFTC data.</li><li>The prior week’s report showed aggregate, speculative USD longs were effectively halved ahead of Thanksgiving.</li><li>This week’s data shows another, sizeable reduction in net USD longs of USD3.3bn, taking the aggregate USD long held by Non-Commercial (speculative) accounts to just USD1.8bn. </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.

Traders moved to cut overall USD longs further still in the past week’s CFTC data.The prior week’s report showed aggregate, speculative USD longs were effectively halved ahead of Thanksgiving.This week’s data shows another, sizeable reduction in net USD longs of USD3.3bn, taking the aggregate USD long held by Non-Commercial (speculative) accounts to just USD1.8bn. 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 - Speculative USD Longs Reduced Further

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.</li><li>Despite our 5% FY24 EPS growth forecast, we see support from more social aid, better liquidity and the next govt’s growth policies.</li><li>We retain our FY24-end JCI target of 7,830 (+12% upside from the FY23 target); our stock picks are ICBP, MYOR, ISAT, HEAL, BBCA and BMRI.</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.

JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.Despite our 5% FY24 EPS growth forecast, we see support from more social aid, better liquidity and the next govt’s growth policies.We retain our FY24-end JCI target of 7,830 (+12% upside from the FY23 target); our stock picks are ICBP, MYOR, ISAT, HEAL, BBCA and BMRI.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.

Equity Strategy: FY24 Outlook: The Road to JCI 8,000

<ul><li>The USD is ending the week and starting the month somewhat on the defensive versus most major currencies although the DXY itself is little changed on the day.</li><li>FX is consolidating yesterday’s broad dollar gains which stalled right on the DXY’s 200-day MA (103.59). US Treasury yields are flat on the day while stocks are trading positively.</li><li>Despite yesterday’s recovery in the USD, headwinds—lower yields specifically but seasonal trends in December and broadly bearish technicals—all suggest more USD softness ahead in the next few weeks and perhaps beyond. </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 ending the week and starting the month somewhat on the defensive versus most major currencies although the DXY itself is little changed on the day.FX is consolidating yesterday’s broad dollar gains which stalled right on the DXY’s 200-day MA (103.59). US Treasury yields are flat on the day while stocks are trading positively.Despite yesterday’s recovery in the USD, headwinds—lower yields specifically but seasonal trends in December and broadly bearish technicals—all suggest more USD softness ahead in the next few weeks and perhaps beyond. 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 Steadies Ahead of Fed Comments

<ul><li>Comments from Fed hawk Waller that he was encouraged by what policymakers had learned recently pressured US yields and the USD yesterday.</li><li>Additional comments on how quickly—hypothetically—rates could fall saw front-end yields rally.</li><li>Waller’s colleague Bowman was a bit more measured in her remarks but markets sense that the Fed cycle is done and focus is shifting to the timing of rate cuts. </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.

Comments from Fed hawk Waller that he was encouraged by what policymakers had learned recently pressured US yields and the USD yesterday.Additional comments on how quickly—hypothetically—rates could fall saw front-end yields rally.Waller’s colleague Bowman was a bit more measured in her remarks but markets sense that the Fed cycle is done and focus is shifting to the timing of rate cuts. 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 Off Low but Headwinds Remain

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.

Macroeconomics

<ul><li>Rates continue lower. More and earlier rate cuts are priced in as inflation loses momentum and downside risks to the economy increase.</li><li>Part of the drop in longer rates may reflect revisited structural views.</li><li>One year ago today, markets expected the ECB to hike its key policy rate to just below 3% and then cut rates again to around 2.30% (green line). </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.

Rates continue lower. More and earlier rate cuts are priced in as inflation loses momentum and downside risks to the economy increase.Part of the drop in longer rates may reflect revisited structural views.One year ago today, markets expected the ECB to hike its key policy rate to just below 3% and then cut rates again to around 2.30% (green line). 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.

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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Weekly CFTC Sentiment Report - Speculative USD Longs Reduced Further

Traders moved to cut overall USD longs further still in the past week’s CFTC data. The prior week’s report showed aggregate, speculative USD longs...

Scotiabank

Equity Strategy: FY24 Outlook: The Road to JCI 8,000

JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.

BRI Danareksa Research

FX Daily - USD Steadies Ahead of Fed Comments

The USD is ending the week and starting the month somewhat on the defensive versus most major currencies although the DXY itself is little changed...

Scotiabank

FX Daily - USD Edges Off Low but Headwinds Remain

Comments from Fed hawk Waller that he was encouraged by what policymakers had learned recently pressured US yields and the USD yesterday.

Scotiabank

EUR Rates: There and Back Again

Rates continue lower. More and earlier rate cuts are priced in as inflation loses momentum and downside risks to the economy increase.

Nordea

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