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>FX Market Update—The USD retains a firm undertone ahead of a busy week for markets—before markets start to slow down ahead of the holidays, in all likelihood.</li><li>US data this week includes CPI data tomorrow and Retail Sales data on Thursday and there is the small matter of the FOMC in between.</li><li>Policy decisions are also due from the ECB, BoE and Banxico this week. The USD is holding on to the gains that have accumulated through December so far—despite typically negative seasonal patterns for the USD running into the end of the 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.

FX Market Update—The USD retains a firm undertone ahead of a busy week for markets—before markets start to slow down ahead of the holidays, in all likelihood.US data this week includes CPI data tomorrow and Retail Sales data on Thursday and there is the small matter of the FOMC in between.Policy decisions are also due from the ECB, BoE and Banxico this week. The USD is holding on to the gains that have accumulated through December so far—despite typically negative seasonal patterns for the USD running into the end of the 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.

FX Daily - USD Remains Firm, GBP Outperforms

<ul><li>The recent shift in IMM-based investor sentiment against the USD developed further in the week through last Tuesday as Non-Commercial (speculative) accounts went overall short (in aggregated terms) against the USD for the first time since early September.</li><li>Speculative traders turned a small net USD long in the prior week’s data to a USD3bn net short via a sizeable USD5bn overall swing in positioning.</li><li>Additional data shows Leveraged Accounts (hedge funds) retaining a steady net USD long position of around USD9bn while Real Money (institutional traders) beefed up their net USD short by around USD1.5bn to a hefty USD36.5bn.</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 recent shift in IMM-based investor sentiment against the USD developed further in the week through last Tuesday as Non-Commercial (speculative) accounts went overall short (in aggregated terms) against the USD for the first time since early September.Speculative traders turned a small net USD long in the prior week’s data to a USD3bn net short via a sizeable USD5bn overall swing in positioning.Additional data shows Leveraged Accounts (hedge funds) retaining a steady net USD long position of around USD9bn while Real Money (institutional traders) beefed up their net USD short by around USD1.5bn to a hefty USD36.5bn.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 Builds Again

<ul><li>The USD is trading positively on the session but movement is fairly limited and the DXY is holding within yesterday’s range which took the index just above the 200-day MA.</li><li>The DXY is holding right around that marker this morning, with movement across the core major currencies relatively limited.</li><li>The JPY and GBP are posting modest gains on the USD at writing while the AUD is underperforming after the RBA left policy unchanged but repeated its willingness to hike again if needed. </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 positively on the session but movement is fairly limited and the DXY is holding within yesterday’s range which took the index just above the 200-day MA.The DXY is holding right around that marker this morning, with movement across the core major currencies relatively limited.The JPY and GBP are posting modest gains on the USD at writing while the AUD is underperforming after the RBA left policy unchanged but repeated its willingness to hike again if needed. 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 Holds Firm, Focus on JOLTS Data

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 front-end repricing has been massive.</li><li>Almost six rate cuts are priced for the ECB in 2024 with ~85% risk of the first cut by March and ~85% risk of two cuts by April.</li><li>Almost two full rate cuts have been priced in within the last week.Let’s put it this way.</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 front-end repricing has been massive.Almost six rate cuts are priced for the ECB in 2024 with ~85% risk of the first cut by March and ~85% risk of two cuts by April.Almost two full rate cuts have been priced in within the last week.Let’s put it this way.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’s rebound from its mid-week low stalled Friday on softer than expected US data reports and a renewed slump in US yields following Fed Chairman Powell comments which failed to dampen speculation of earlier rate cuts.</li><li>Powell’s remark that policy was “well into restrictive territory” appeared to draw most attention while the comment that it was “premature” to rule out more tightening was a weak pushback against increasingly bullish market pricing on yields.</li><li>But price developments so far this week—slightly firmer yields and softer stocks—have encouraged some renewed gains in the USD broadly (ex-Asia FX) as markets turn their focus to this week’s US employment data run (JOLTS tomorrow, ADP Wednesday and NFP on Friday). </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 rebound from its mid-week low stalled Friday on softer than expected US data reports and a renewed slump in US yields following Fed Chairman Powell comments which failed to dampen speculation of earlier rate cuts.Powell’s remark that policy was “well into restrictive territory” appeared to draw most attention while the comment that it was “premature” to rule out more tightening was a weak pushback against increasingly bullish market pricing on yields.But price developments so far this week—slightly firmer yields and softer stocks—have encouraged some renewed gains in the USD broadly (ex-Asia FX) as markets turn their focus to this week’s US employment data run (JOLTS tomorrow, ADP Wednesday and NFP on Friday). 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 Firmer as Attention Turns to Jobs Data

United States

The US dollar is the official currency of the United States of America.

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USD (USD CURNCY)

FX Daily - USD Remains Firm, GBP Outperforms

FX Market Update—The USD retains a firm undertone ahead of a busy week for markets—before markets start to slow down ahead of the holidays, in all...

Scotiabank

Weekly CFTC Sentiment Report- Bearish USD Sentiment Builds Again

Speculative traders turned a small net USD long in the prior week’s data to a USD3bn net short via a sizeable USD5bn overall swing in positioning.

Scotiabank

FX Daily - USD Holds Firm, Focus on JOLTS Data

The USD is trading positively on the session but movement is fairly limited and the DXY is holding within yesterday’s range which took the index...

Scotiabank

EUR rates: six rate cuts in 2024

The front-end repricing has been massive. Almost six rate cuts are priced for the ECB in 2024 with ~85% risk of the first cut by March and ~85%...

Nordea

FX Daily - USD Firmer as Attention Turns to Jobs Data

But price developments so far this week—slightly firmer yields and softer stocks—have encouraged some renewed gains in the USD broadly (ex-Asia FX)

Scotiabank

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