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 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

<ul><li>Traders moved to cut overall USD longs further still in the past week’s CFTC data.</li><li>The prior week’s report showed aggregate, speculative USD longs were effectively halved ahead of Thanksgiving.</li><li>This week’s data shows another, sizeable reduction in net USD longs of USD3.3bn, taking the aggregate USD long held by Non-Commercial (speculative) accounts to just USD1.8bn. </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.

Traders moved to cut overall USD longs further still in the past week’s CFTC data.The prior week’s report showed aggregate, speculative USD longs were effectively halved ahead of Thanksgiving.This week’s data shows another, sizeable reduction in net USD longs of USD3.3bn, taking the aggregate USD long held by Non-Commercial (speculative) accounts to just USD1.8bn. 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 - Speculative USD Longs Reduced Further

<ul><li>The USD is ending the week and starting the month somewhat on the defensive versus most major currencies although the DXY itself is little changed on the day.</li><li>FX is consolidating yesterday’s broad dollar gains which stalled right on the DXY’s 200-day MA (103.59). US Treasury yields are flat on the day while stocks are trading positively.</li><li>Despite yesterday’s recovery in the USD, headwinds—lower yields specifically but seasonal trends in December and broadly bearish technicals—all suggest more USD softness ahead in the next few weeks and perhaps beyond. </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 and starting the month somewhat on the defensive versus most major currencies although the DXY itself is little changed on the day.FX is consolidating yesterday’s broad dollar gains which stalled right on the DXY’s 200-day MA (103.59). US Treasury yields are flat on the day while stocks are trading positively.Despite yesterday’s recovery in the USD, headwinds—lower yields specifically but seasonal trends in December and broadly bearish technicals—all suggest more USD softness ahead in the next few weeks and perhaps beyond. 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 Steadies Ahead of Fed Comments

United States

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

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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

Weekly CFTC Sentiment Report - Speculative USD Longs Reduced Further

Traders moved to cut overall USD longs further still in the past week’s CFTC data. The prior week’s report showed aggregate, speculative USD longs...

Scotiabank

FX Daily - USD Steadies Ahead of Fed Comments

The USD is ending the week and starting the month somewhat on the defensive versus most major currencies although the DXY itself is little changed...

Scotiabank

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