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 generally lower again after failing to build on yesterday’s gains against the majors.</li><li>Market sentiment is positive on the day, with Asian (ex-Japan) and European equity markets firmly in the green; US equity futures are positive.</li><li>China announced a cut in bank reserve requirements (to take place in February) and suggested more support measures for stocks may be coming, helping risk sentiment.</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 generally lower again after failing to build on yesterday’s gains against the majors.Market sentiment is positive on the day, with Asian (ex-Japan) and European equity markets firmly in the green; US equity futures are positive.China announced a cut in bank reserve requirements (to take place in February) and suggested more support measures for stocks may be coming, helping risk sentiment.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 Drops Back as Risk Mood Improves

<ul><li>While the January data round for the US got off to a poor start yesterday, with a much weaker than expected Empire Manufacturing Survey, the USD barely flinched.</li><li>Higher US yields and supportive comments from the Fed’s Waller—who at the very least sounded in no rush to cut rates—helped keep the USD supported.</li><li>The USD is firmer today but has edged off earlier highs versus the majors. </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.

While the January data round for the US got off to a poor start yesterday, with a much weaker than expected Empire Manufacturing Survey, the USD barely flinched.Higher US yields and supportive comments from the Fed’s Waller—who at the very least sounded in no rush to cut rates—helped keep the USD supported.The USD is firmer today but has edged off earlier highs versus the majors. 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 - Weak Risk Mood Adds to USD Support

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>Since the last publication, the XCCY basis market has experienced a year-end turn, which turned out to be a bit different than prior years.</li><li>Some of the highlights were, USD trading almost without any turn-price and the usual low level for SEK basis was only a fraction of what we were used to see.</li><li>In the last part of 2023 EUR/USD basis trended higher and higher and ended the year at historical high levels.</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.

Since the last publication, the XCCY basis market has experienced a year-end turn, which turned out to be a bit different than prior years.Some of the highlights were, USD trading almost without any turn-price and the usual low level for SEK basis was only a fraction of what we were used to see.In the last part of 2023 EUR/USD basis trended higher and higher and ended the year at historical high levels.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>Persistent downward adjustments to employment figures would signal an economic downturn– similar to situation in 2008.</li><li>Broader historical patterns do not conclusively show a tendency for the Fed to front-load rate changes in election years. </li><li>A surge in Fiscal Operations toward year-end has led to better system liquidity – with further support from front loading spending in 1Q24.</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.

Persistent downward adjustments to employment figures would signal an economic downturn– similar to situation in 2008.Broader historical patterns do not conclusively show a tendency for the Fed to front-load rate changes in election years. A surge in Fiscal Operations toward year-end has led to better system liquidity – with further support from front loading spending in 1Q24.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 stronger on the session and the DXY is finally showing signs of breaking out of the range that has held the major currencies since the US jobs report ten days ago.</li><li>US Treasury yields jumped 6bps as trading restarted after Monday’s holiday. Meanwhile, global equity markets are trading defensively.</li><li>Rising yields and weak risk appetite appear to have sparked a major reaction in the currency market today, with caution around the 11ET comments due from Fed Governor Waller, a hawk, perhaps adding to the lift under the USD. </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 stronger on the session and the DXY is finally showing signs of breaking out of the range that has held the major currencies since the US jobs report ten days ago.US Treasury yields jumped 6bps as trading restarted after Monday’s holiday. Meanwhile, global equity markets are trading defensively.Rising yields and weak risk appetite appear to have sparked a major reaction in the currency market today, with caution around the 11ET comments due from Fed Governor Waller, a hawk, perhaps adding to the lift under the USD. 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 Jump Pressures Post-NFP Ranges

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 Drops Back as Risk Mood Improves

Market sentiment is positive on the day, with Asian (ex-Japan) and European equity markets firmly in the green; US equity futures are positive.

Scotiabank

FX Daily - Weak Risk Mood Adds to USD Support

While the January data round for the US got off to a poor start yesterday, with a much weaker than expected Empire Manufacturing Survey, the USD...

Scotiabank

Nordea XCCY Publication: Q1-2024

Since the last publication, the XCCY basis market has experienced a year-end turn, which turned out to be a bit different than prior years.

Nordea

Macro Strategy - Dissecting the Optics

A surge in Fiscal Operations toward year-end has led to better system liquidity – with further support from front loading spending in 1Q24.

BRI Danareksa Research

FX Daily - USD Jump Pressures Post-NFP Ranges

The USD is stronger on the session and the DXY is finally showing signs of breaking out of the range that has held the major currencies since the...

Scotiabank

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