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>Just after I sent out last week’s note, the CAD started to show some signs of a revival against the USD and averted further losses to retest the 1.39 area as I feared could be the case; there was some underlying resilience in the CAD after all.</li><li>But although the CAD has picked up ground against a soft USD this week, its 0.5% rise is the smallest among the major currencies.</li><li>The sharp slide in crude oil seemed to pin back the CAD Thursday but a look at the currency performance league on the week shows the MXN, NOK and AUD in the top five, with gains of at least 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.

Just after I sent out last week’s note, the CAD started to show some signs of a revival against the USD and averted further losses to retest the 1.39 area as I feared could be the case; there was some underlying resilience in the CAD after all.But although the CAD has picked up ground against a soft USD this week, its 0.5% rise is the smallest among the major currencies.The sharp slide in crude oil seemed to pin back the CAD Thursday but a look at the currency performance league on the week shows the MXN, NOK and AUD in the top five, with gains of at least 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.

CAD Weekly Outlook - CAD Lags But Can Progress Against Softer USD

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>EURNOK is now trading just below 11.80, down from a peak at 11.96 yesterday. USDNOK has fallen to 10.86 from 11.15.</li><li>The larger decline in USDNOK compared to EURNOK needs to be seen in light of a broad USD weakening, with EURUSD up from 1.07 to around 1.085.</li><li>The massive NOK rally happened after the publishing of the US CPI figures, with core inflation falling from 4.1% y/y down to 4% while consensus was for no decline. </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.

EURNOK is now trading just below 11.80, down from a peak at 11.96 yesterday. USDNOK has fallen to 10.86 from 11.15.The larger decline in USDNOK compared to EURNOK needs to be seen in light of a broad USD weakening, with EURUSD up from 1.07 to around 1.085.The massive NOK rally happened after the publishing of the US CPI figures, with core inflation falling from 4.1% y/y down to 4% while consensus was for no decline. 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.

NOK Update: Huge Relief Rally but Will It Be Sustained?

<ul><li>EURNOK is trading around 12.00. Lately, good news has been disregarded while bad news has hurt the NOK.</li><li>Seasonally speaking, this is not the best time for the NOK.</li><li>We expect the NOK to do better at the start of next year, but risks remain.</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.

EURNOK is trading around 12.00. Lately, good news has been disregarded while bad news has hurt the NOK.Seasonally speaking, this is not the best time for the NOK.We expect the NOK to do better at the start of next year, but risks remain.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.

NOK Update: EURNOK Above 12 for a 3rd Time

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>Happy Sunday from a wet and cloudy Copenhagen! Market fears are back and the rising term premiums and real rates are making their way through cross asset moves.</li><li>The biggest question to ask right now is whether the pandemic altered the geopolitical and- financial playing field to an extent that will allow &gt;+2% real rates for the next 10-20 years and whether equity multiples can continue to live in a QE world if QE is no longer a thing.</li><li>The repricing of cross asset trends due to rising real rates may not be over yet.</li></ul>

Happy Sunday from a wet and cloudy Copenhagen! Market fears are back and the rising term premiums and real rates are making their way through cross asset moves.The biggest question to ask right now is whether the pandemic altered the geopolitical and- financial playing field to an extent that will allow &gt;+2% real rates for the next 10-20 years and whether equity multiples can continue to live in a QE world if QE is no longer a thing.The repricing of cross asset trends due to rising real rates may not be over yet.

Steno Signals #71 – A First Taste of the Recession Sell-Off?

Macroeconomics

<ul>
<li>
The world of Macro never fails at keeping us busy and this week I reveal the 10 charts that I currently monitor daily to keep myself up to speed on allocations amidst this turbulence. Enjoy (the ride)! It’s been evident for a while that the diversification effects from US Treasuries are weak and we are now approaching a record high correlation between Equity and Bond returns. 
</li>
<li>If you haven’t already altered your portfolio composition, it is already overdue as the 60/40 portfolio seems structurally challenged.</li>
</ul>



The world of Macro never fails at keeping us busy and this week I reveal the 10 charts that I currently monitor daily to keep myself up to speed on allocations amidst this turbulence. Enjoy (the ride)!   It’s been evident for a while that the diversification effects from US Treasuries are weak and we are now approaching a record high correlation between Equity and Bond returns. 

If you haven’t already altered your portfolio composition, it is already overdue as the 60/40 portfolio seems structurally challenged.


Steno Signals #70 – 10 Charts You NEED to Monitor in Global Macro

Norway

The Norwegian krone is the official currency of the Kingdom of Norway.  The US dollar is the official currency of the United States of America.

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CAD Weekly Outlook - CAD Lags But Can Progress Against Softer USD

Just after I sent out last week’s note, the CAD started to show some signs of a revival against the USD and averted further losses to retest the...

Scotiabank

NOK Update: Huge Relief Rally but Will It Be Sustained?

The massive NOK rally happened after the publishing of the US CPI figures, with core inflation falling from 4.1% y/y down to 4% while consensus was...

Nordea

NOK Update: EURNOK Above 12 for a 3rd Time

EURNOK is trading around 12.00. Lately, good news has been disregarded while bad news has hurt the NOK. Seasonally speaking, this is not the best...

Nordea

Steno Signals #71 – A First Taste of the Recession Sell-Off?

The biggest question to ask right now is whether the pandemic altered the geopolitical and- financial playing field to an extent that will allow...

Steno Research

Steno Signals #70 – 10 Charts You NEED to Monitor in Global Macro

Happy Sunday from Mallorca and welcome to our weekly flagship editorial. The world of Macro never fails at keeping us busy and this week I reveal...

Steno Research

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