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>Markets retain a cautious undertone after China reported weaker than expected loan data (new loans dropped to the lowest since 2009), underscoring growth concerns.</li><li>The CNY weakened to its lowest level in a month. Global stocks are trading lower while major bond markets (ex Treasurys are weaker).</li><li>The USD is holding relatively firm amid soft risk sentiment, near yesterday’s high in DXY terms, but gains are not universal, and the dollar index still appears to be encountering resistance in the mid/ upper 102 area after rebounding strongly from the intraday lows seen around the US CPI report yesterday. </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.

Markets retain a cautious undertone after China reported weaker than expected loan data (new loans dropped to the lowest since 2009), underscoring growth concerns.The CNY weakened to its lowest level in a month. Global stocks are trading lower while major bond markets (ex Treasurys are weaker).The USD is holding relatively firm amid soft risk sentiment, near yesterday’s high in DXY terms, but gains are not universal, and the dollar index still appears to be encountering resistance in the mid/ upper 102 area after rebounding strongly from the intraday lows seen around the US CPI report yesterday. 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 Mixed Amid Soft Risk Sentiment

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.

Cross Asset Strategy

<ul><li>Hope you’re enjoying the weekend out there! Weekends provide the perfect opportunity to review the market’s performance over the past week – and this week has again been full of volatility with the CPI report released this Thursday along with bonds remaining indecisive about the future market direction.</li><li>The overall sentiment this week again has optimism written all over it with equity sentiment still hovering at 2021 highs on some of the short-term indicators, and GBP and EUR are continuing their positioning resilience, while commodity markets are starting to signal weaker demand again after a couple of weeks of strength.</li><li>Follow along as we dissect market sentiment and positioning data below.</li></ul>

Hope you’re enjoying the weekend out there! Weekends provide the perfect opportunity to review the market’s performance over the past week – and this week has again been full of volatility with the CPI report released this Thursday along with bonds remaining indecisive about the future market direction.The overall sentiment this week again has optimism written all over it with equity sentiment still hovering at 2021 highs on some of the short-term indicators, and GBP and EUR are continuing their positioning resilience, while commodity markets are starting to signal weaker demand again after a couple of weeks of strength.Follow along as we dissect market sentiment and positioning data below.

Positioning Watch – The Chinese Disappointment Is Written All over the Latest Positioning

Macroeconomics

<ul>
<li>Welcome back to our Wednesday series where we take you through the world of global macro and what to look out for going forward.</li>
<li>With US CPI being released tomorrow – where we as always will cover the most important take-aways post-release – there is room for market movements as the disinflation narrative continues amidst the possibility of a positive surprise in headline CPI due to base effects.</li>
<li>We’ll as always be short and concise and let you into our thinking regarding asset allocation and positioning ahead of the data/events mentioned.</li>
</ul>


Welcome back to our Wednesday series where we take you through the world of global macro and what to look out for going forward.
With US CPI being released tomorrow – where we as always will cover the most important take-aways post-release – there is room for market movements as the disinflation narrative continues amidst the possibility of a positive surprise in headline CPI due to base effects.
We’ll as always be short and concise and let you into our thinking regarding asset allocation and positioning ahead of the data/events mentioned.


5 Things We Watch – Fed Overtightening, Curve Steepening, US CPI, BoJ & China

<ul><li>The USD is trading mixed to slightly firmer as markets show signs of calming after the volatility seen earlier in the week. Stocks are trading higher in Europe and rose modestly in Asia; US equity futures are positive.</li><li>US 10Y yields are holding near the recent high at 4.20% but intraday trends are largely tracking other major bond markets.</li><li>Commodities are mixed to firmer (crude and iron ore). The NOK and AUD are moderate outperformers on the day (reflecting gains in relevant commodities noted above). </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 mixed to slightly firmer as markets show signs of calming after the volatility seen earlier in the week. Stocks are trading higher in Europe and rose modestly in Asia; US equity futures are positive.US 10Y yields are holding near the recent high at 4.20% but intraday trends are largely tracking other major bond markets.Commodities are mixed to firmer (crude and iron ore). The NOK and AUD are moderate outperformers on the day (reflecting gains in relevant commodities noted above). 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.

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>Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%.</li><li>The central bank signalled that it will remain data dependent, maintaining its hiking bias on the back of inflation worries.</li><li>Still robust data from the real economy but also lower inflation data has buoyed markets view of a soft landing.</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.

Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%.The central bank signalled that it will remain data dependent, maintaining its hiking bias on the back of inflation worries.Still robust data from the real economy but also lower inflation data has buoyed markets view of a soft landing.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 Kingdom

The British Pound Sterling is the official currency of The United Kingdom. 

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FX Daily - USD Mixed Amid Soft Risk Sentiment

Markets retain a cautious undertone after China reported weaker than expected loan data (new loans dropped to the lowest since 2009), underscoring...

Scotiabank

Positioning Watch – The Chinese Disappointment Is Written All over the Latest Positioning

Weekends provide the perfect opportunity to review the market’s performance over the past week – and this week has again been full of volatility...

Steno Research

5 Things We Watch – Fed Overtightening, Curve Steepening, US CPI, BoJ & China

Welcome back to our Wednesday series where we take you through the world of global macro and what to look out for going forward. With US CPI being...

Steno Research

FX Daily - USD Mixed Ahead of Jobs Data

Commodities are mixed to firmer (crude and iron ore). The NOK and AUD are moderate outperformers on the day (reflecting gains in relevant...

Scotiabank

Macro & Markets: Welcome back

Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%. The central bank signalled that it will...

Nordea

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