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>High beta currencies have done well over the past week.</li><li>A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted pro-cyclical currencies.</li><li>Top of the pack over the last five trading sessions is the NOK (helped by the jump in Brent around Red Sea focus, for sure), followed by the ZAR, AUD, SEK and NZD.</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.

High beta currencies have done well over the past week.A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted pro-cyclical currencies.Top of the pack over the last five trading sessions is the NOK (helped by the jump in Brent around Red Sea focus, for sure), followed by the ZAR, AUD, SEK and NZD.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 Snapshot - Stretched Valuation Does Not Preclude More USDCAD Losses

<ul><li>The holiday-delayed CFTC data were worth the wait. The overall change in positioning reflected in this week’s data was significant.</li><li>Aggregate USD longs held by NonCommercial (speculative) traders were slashed in half ahead of the Thanksgiving break; overall speculative USD longs dropped USD5.4bn in the week to USD5.1bn.</li><li>In addition, data showed Real Money (institutional accounts) boosting net USD shorts by around USD7bn while Leveraged (hedge) Funds raised their aggregate USD longs by around USD500mn.</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 holiday-delayed CFTC data were worth the wait. The overall change in positioning reflected in this week’s data was significant.Aggregate USD longs held by NonCommercial (speculative) traders were slashed in half ahead of the Thanksgiving break; overall speculative USD longs dropped USD5.4bn in the week to USD5.1bn.In addition, data showed Real Money (institutional accounts) boosting net USD shorts by around USD7bn while Leveraged (hedge) Funds raised their aggregate USD longs by around USD500mn.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 – Traders Slash USD Longs

<ul><li>This week’s CFTC data show virtually no overall change in market positioning in the week through Tuesday, with investors likely sidelined ahead of the FOMC decision the following day.</li><li>Aggregated positioning across the major currencies we follow here shows NonCommercial (speculative) traders cutting net USD longs by a bare USD24mn, leaving the aggregate position at a little over USD9bn.</li><li>Positioning trends across most major currencies are veering towards neutral. </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.

This week’s CFTC data show virtually no overall change in market positioning in the week through Tuesday, with investors likely sidelined ahead of the FOMC decision the following day.Aggregated positioning across the major currencies we follow here shows NonCommercial (speculative) traders cutting net USD longs by a bare USD24mn, leaving the aggregate position at a little over USD9bn.Positioning trends across most major currencies are veering towards neutral. 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 - Little Change in USD Positioning

<ul><li>The headline changes in USD positioning is the latest week’s Commitments of Traders Report are relatively limited.</li><li>Aggregate Non-Commercial (speculative) net USD longs are little changed after the prior week’s significant advance, falling USD291mn in the week to USD8.48bn.</li><li>This is still close to the most bullish positioning on the USD in a little under a year. </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 headline changes in USD positioning is the latest week’s Commitments of Traders Report are relatively limited.Aggregate Non-Commercial (speculative) net USD longs are little changed after the prior week’s significant advance, falling USD291mn in the week to USD8.48bn.This is still close to the most bullish positioning on the USD in a little under a year. 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 Bullish Sentiment Consolidates

Macroeconomics

<ul><li>Broader bearish USD sentiment has moderated somewhat, the latest positioning data from the CFTC shows.</li><li>Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD versus the major currencies back to USD15.8bn.</li><li>Data shows that Real Money Accounts trimmed their overall short USD position USD2.4bn to USD38.9bn over the week while Leveraged Accounts lifted their (modest) short USD position by USD2.5bn to USD4.8bn.</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.

Broader bearish USD sentiment has moderated somewhat, the latest positioning data from the CFTC shows.Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD versus the major currencies back to USD15.8bn.Data shows that Real Money Accounts trimmed their overall short USD position USD2.4bn to USD38.9bn over the week while Leveraged Accounts lifted their (modest) short USD position by USD2.5bn to USD4.8bn.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 - Bearish USD Sentiment Moderates

New Zealand

The New Zealand dollar is the official currency of New Zealand.  

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NZD (NZD BGN CURNCY)

FX Snapshot - Stretched Valuation Does Not Preclude More USDCAD Losses

High beta currencies have done well over the past week. A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted...

Scotiabank

Weekly CFTC Sentiment Report – Traders Slash USD Longs

The holiday-delayed CFTC data were worth the wait. The overall change in positioning reflected in this week’s data was significant.

Scotiabank

Weekly CFTC Sentiment Report - Little Change in USD Positioning

This week’s CFTC data show virtually no overall change in market positioning in the week through Tuesday, with investors likely sidelined ahead of...

Scotiabank

Weekly CFTC Sentiment Report - USD Bullish Sentiment Consolidates

Aggregate Non-Commercial (speculative) net USD longs are little changed after the prior week’s significant advance, falling USD291mn in the week to...

Scotiabank

Weekly CFTC Sentiment Report - Bearish USD Sentiment Moderates

Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD

Scotiabank

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