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>The USD is trading softer again overall on the session so far but the DXY is trading a little above its intraday low after EURUSD peaked around 1.0960 resistance earlier in the session and drifted off its best levels.</li><li>The JPY is the topperforming currency among the core majors on the day, racking up a 0.5% gain and rising to a two-month high.</li><li>Growing conviction that the Fed rate tightening cycle is complete, and that the next move from the Fed will be a cut, is supporting a rebound in the very depressed JPY. </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 softer again overall on the session so far but the DXY is trading a little above its intraday low after EURUSD peaked around 1.0960 resistance earlier in the session and drifted off its best levels.The JPY is the topperforming currency among the core majors on the day, racking up a 0.5% gain and rising to a two-month high.Growing conviction that the Fed rate tightening cycle is complete, and that the next move from the Fed will be a cut, is supporting a rebound in the very depressed JPY. 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 Losses May Moderate in Short Term

<ul><li>The USD retains a soft undertone after closing out Friday on the low after a poor week.</li><li>Sentiment on the USD is clearly changing as market conviction that the Fed tightening cycle is ended grows and investors start to focus on when the Fed will start to relax its policy settings.</li><li>That is entirely a matter of conjecture at this point. Scotia forecasts rate cuts starting in H2 while market pricing suggests some focus on the risk of an earlier cut (75% risk of a 25bps cut in May is reflected in OIS currently). </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 retains a soft undertone after closing out Friday on the low after a poor week.Sentiment on the USD is clearly changing as market conviction that the Fed tightening cycle is ended grows and investors start to focus on when the Fed will start to relax its policy settings.That is entirely a matter of conjecture at this point. Scotia forecasts rate cuts starting in H2 while market pricing suggests some focus on the risk of an earlier cut (75% risk of a 25bps cut in May is reflected in OIS currently). 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), 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.

Macroeconomics

<ul><li>Positive macro momentum is likely to persist following last week’s data release, with yields further declining and the IDR strengthening.</li><li>Our BI Rate Tracker indicates a reduction in IDR volatility in Nov, the first time in five months, with no signs of impending inflation, paving the way for no change in rates policy.</li><li>Determining wage increases should emphasize an optimal balance that promotes consumption without impeding investment, which is inline with government priorities as seen in the recent changes in the wage formula with the introduction of α as a growth inhibitor.</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.

Positive macro momentum is likely to persist following last week’s data release, with yields further declining and the IDR strengthening.Our BI Rate Tracker indicates a reduction in IDR volatility in Nov, the first time in five months, with no signs of impending inflation, paving the way for no change in rates policy.Determining wage increases should emphasize an optimal balance that promotes consumption without impeding investment, which is inline with government priorities as seen in the recent changes in the wage formula with the introduction of α as a growth inhibitor.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>The USD is ending the week on the defensive, losing ground versus all its major currency peers.</li><li>Stocks are trading higher in Europe, after some hefty losses in Asian markets, while US equity futures are trading with modest gains.</li><li>Bonds are broadly higher, however. US Treasurys are underperforming mildly, with 10Y yields down 3bps. Gilts are outperforming (10Y yields down 7-8bps) behind weak UK data. </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 on the defensive, losing ground versus all its major currency peers.Stocks are trading higher in Europe, after some hefty losses in Asian markets, while US equity futures are trading with modest gains.Bonds are broadly higher, however. US Treasurys are underperforming mildly, with 10Y yields down 3bps. Gilts are outperforming (10Y yields down 7-8bps) behind weak UK data. 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 Softer as US Yields Decline

<ul><li>The USD’s consolidation is extending a little further after its early week decline, leaving it mixed versus the majors.</li><li>Asian regional FX is outperforming, perhaps reflecting relief that the Biden/Xi meeting ended without any hitch and with promises of improved relations.</li><li>Stocks are somewhat softer overall, however, while bonds are firmer (with Gilts outperforming slightly). </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’s consolidation is extending a little further after its early week decline, leaving it mixed versus the majors.Asian regional FX is outperforming, perhaps reflecting relief that the Biden/Xi meeting ended without any hitch and with promises of improved relations.Stocks are somewhat softer overall, however, while bonds are firmer (with Gilts outperforming slightly). 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, Consolidation Extends

United States

The U.S. Dollar Index(USDX) indicates the general int'l value of the USD. The USDX does this by averaging the exchange rates between the USD and major world currencies. The ICE US computes this by using the rates supplied by some 500 banks. FOR REAL TIME SEE EIS ICEA<GO>.

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Dollar Index (DXY CURNCY)

FX Daily - USD Losses May Moderate in Short Term

The USD is trading softer again overall on the session so far but the DXY is trading a little above its intraday low after EURUSD peaked around...

Scotiabank

FX Daily - USD Retains a Soft Undertone

Sentiment on the USD is clearly changing as market conviction that the Fed tightening cycle is ended grows and investors start to focus on when the...

Scotiabank

Macro Strategy: Sustaining Momentum

Positive macro momentum is likely to persist following last week’s data release, with yields further declining and the IDR strengthening.

BRI Danareksa Research

FX Daily - USD Softer as US Yields Decline

The USD is ending the week on the defensive, losing ground versus all its major currency peers. Stocks are trading higher in Europe, after some...

Scotiabank

FX Daily - USD Mixed, Consolidation Extends

Asian regional FX is outperforming, perhaps reflecting relief that the Biden/Xi meeting ended without any hitch and with promises of improved...

Scotiabank

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52-week Range

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