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>Bullish dollar sentiment has failed to develop significant momentum over the past weeks and the latest snapshot of positioning amongst IMM-based Non-Commercial traders reflects a further pullback in the speculative USD mood.</li><li>Non-Commercial accounts’ exposure to the (net) long USD trade fell USD1.7bn this week to leave the aggregate bull bet on the USD at just USD445mn.</li><li>Additional data showed Real Money (institutional traders) added around USD6bn to their persistent net USD short positioning, however, while Leveraged Accounts (hedge funds) added USD4bn to a still relatively small net USD long. </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.

Bullish dollar sentiment has failed to develop significant momentum over the past weeks and the latest snapshot of positioning amongst IMM-based Non-Commercial traders reflects a further pullback in the speculative USD mood.Non-Commercial accounts’ exposure to the (net) long USD trade fell USD1.7bn this week to leave the aggregate bull bet on the USD at just USD445mn.Additional data showed Real Money (institutional traders) added around USD6bn to their persistent net USD short positioning, however, while Leveraged Accounts (hedge funds) added USD4bn to a still relatively small net USD long. 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 - USD Sentiment Slips into Neutral

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>The ECB’s new policy framework makes it more likely to succeed with balance-sheet normalisation, leading to steeper curves and tighter asset swap spreads eventually.</li><li>Markets may have been off to a head start, though.</li><li>Today, the ECB published its new policy framework. Near-term implications are mostly in the nitty gritty stuff while the longer-term implication is that the new framework will make it more likely that the ECB can complete policy normalisation without liquidity stress, leaving curves steeper and asset swap spreads tighter.</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 ECB’s new policy framework makes it more likely to succeed with balance-sheet normalisation, leading to steeper curves and tighter asset swap spreads eventually.Markets may have been off to a head start, though.Today, the ECB published its new policy framework. Near-term implications are mostly in the nitty gritty stuff while the longer-term implication is that the new framework will make it more likely that the ECB can complete policy normalisation without liquidity stress, leaving curves steeper and asset swap spreads tighter.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>As we reached the end of 2023, EURUSD basis hit the highest levels seen for a very long time – especially in the short end.</li><li>In “cash-terms” this can be interpreted as the demand for US dollars has been very low – or in relative terms – EUR has become more expensive.</li><li>With risk sentiment remaining overall positive, we don’t see this changing in March; Relative excess liquidity between USD and EUR could impact the outlook for the front slightly lowerin the near future– more on that later in this publication.</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.

As we reached the end of 2023, EURUSD basis hit the highest levels seen for a very long time – especially in the short end.In “cash-terms” this can be interpreted as the demand for US dollars has been very low – or in relative terms – EUR has become more expensive.With risk sentiment remaining overall positive, we don’t see this changing in March; Relative excess liquidity between USD and EUR could impact the outlook for the front slightly lowerin the near future– more on that later in this publication.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>FX Market Update—The USD retains a soft undertone overall but trade is on the quiet side to start the week and tomorrow’s US CPI report—and no data of note today— will probably keep trading subdued today.</li><li>The JPY remains firm, gaining another 0.25% on the session, as markets position for a potential tightening in BoJ policy as soon as next week’s BoJ meeting.</li><li>The broader USD slide over the past week may have stabilized in the short run, however, with Friday’s price action suggesting some consolidation in the weak tone after an extended run lower from the middle of last month.</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 retains a soft undertone overall but trade is on the quiet side to start the week and tomorrow’s US CPI report—and no data of note today— will probably keep trading subdued today.The JPY remains firm, gaining another 0.25% on the session, as markets position for a potential tightening in BoJ policy as soon as next week’s BoJ meeting.The broader USD slide over the past week may have stabilized in the short run, however, with Friday’s price action suggesting some consolidation in the weak tone after an extended run lower from the middle of last month.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 - Soft USD Awaits CPI for Next Directional Cue

External broker reports(aggregated public sources), Mizuho

Mizuho

Mizuho Bank is a leading global bank with one of the largest customer bases in Japan, and an extensive international network covering financial and business centers around the world. 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>The dollar/yen pair opened February trading at the 146 yen range on the slightly hawkish contents of the Bank of Japan (BOJ) Monetary Policy Meeting and FRB chair Jerome Powell’s press conference after the FOMC meeting.</li><li>US interest rates fell on February 1 on some weak US employment statistics and the bearish movements of US regional bank stocks, with the currency pair also sliding temporarily to 145.90 yen.</li><li>However, it then rocketed to the mid-148 yen mark on February 2 after the US released some very strong employment data for January. </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 dollar/yen pair opened February trading at the 146 yen range on the slightly hawkish contents of the Bank of Japan (BOJ) Monetary Policy Meeting and FRB chair Jerome Powell’s press conference after the FOMC meeting.US interest rates fell on February 1 on some weak US employment statistics and the bearish movements of US regional bank stocks, with the currency pair also sliding temporarily to 145.90 yen.However, it then rocketed to the mid-148 yen mark on February 2 after the US released some very strong employment data for January. 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 - USD Sentiment Slips into Neutral

Non-Commercial accounts’ exposure to the (net) long USD trade fell USD1.7bn this week to leave the aggregate bull bet on the USD at just USD445mn.

Scotiabank

EUR Rates: Strategy Review

The ECB’s new policy framework makes it more likely to succeed with balance-sheet normalisation, leading to steeper curves and tighter asset swap...

Nordea

Nordea XCCY publication: Q2-2024

In “cash-terms” this can be interpreted as the demand for US dollars has been very low – or in relative terms – EUR has become more expensive.

Nordea

FX Daily - Soft USD Awaits CPI for Next Directional Cue

The USD retains a soft undertone overall but trade is on the quiet side to start the week and tomorrow’s US CPI report—and no data of note today—...

Scotiabank

Mizuho Dealer's Eye (Mar, 2024)

The dollar/yen pair opened February trading at the 146 yen range on the slightly hawkish contents of the Bank of Japan (BOJ) Monetary Policy Meeting

Mizuho

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