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>We are revising our forecasts for the major currencies along with updated economic forecasts (see tables on page 3 and here for the Forecast Update).</li><li>The weakness in the USD that we expected to develop over the second half of the year has not materialized.</li><li>Firm US economic data drove expectations that the Fed could deliver a little more tightening—and hold interest rates high for longer—allowing the USD to stay elevated.</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.

We are revising our forecasts for the major currencies along with updated economic forecasts (see tables on page 3 and here for the Forecast Update).The weakness in the USD that we expected to develop over the second half of the year has not materialized.Firm US economic data drove expectations that the Fed could deliver a little more tightening—and hold interest rates high for longer—allowing the USD to stay elevated.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), 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>Yesterday’s Reuters story on the ECB going below neutral added some downward pressure (read ithere).</li><li>It follows more dovish commentary from various ECB speakers over the past few days airing concerns about the lack of a recovery.</li><li>Today’s PMIs were more or less in line with expectations, although the employment component dropped below 50, pointing to the risk of rising unemployment ahead.</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.

Yesterday’s Reuters story on the ECB going below neutral added some downward pressure (read ithere).It follows more dovish commentary from various ECB speakers over the past few days airing concerns about the lack of a recovery.Today’s PMIs were more or less in line with expectations, although the employment component dropped below 50, pointing to the risk of rising unemployment ahead.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.

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul><li>Discussion on the impact of elections on FX and various hedges</li><li>Focus on trade and fiscal policies as key factors influencing FX</li><li>Potential scenarios and dominant teams in different election outcomes, with Republican sweep seen as favorable for dollar strength</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Discussion on the impact of elections on FX and various hedgesFocus on trade and fiscal policies as key factors influencing FXPotential scenarios and dominant teams in different election outcomes, with Republican sweep seen as favorable for dollar strengthThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX: US elections: A roadmap for FX and hedges

<ul><li>Labor market data challenges notion of slowing labor demand and jolts</li><li>Fed policy expectations shift to 25 basis point cut in November</li><li>Uncertainty in policy outcomes causing high policy uncertainty and potential for large market moves</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Labor market data challenges notion of slowing labor demand and joltsFed policy expectations shift to 25 basis point cut in NovemberUncertainty in policy outcomes causing high policy uncertainty and potential for large market movesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

<ul><li>The ECB’s Governing Council is split between those still more worried about inflation risks and those starting to worry more about labour market weakening.</li><li>Despite the Fed’s 50bp cut, the ECB is widely expected to wait until December to deliver its next rate cut, though yesterday’s weak PMI readings as well as today’s Ifo have pushed market pricing closer to a 50/50 for a rate cut already at the next meeting in Oct.</li><li>There is probably a Chinese saying that it is easier to walk through a door when it is open, and markets have opened all the doors for the Fed and the ECB to go fast to neutral rates.That is the first part of this note.</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 ECB’s Governing Council is split between those still more worried about inflation risks and those starting to worry more about labour market weakening.Despite the Fed’s 50bp cut, the ECB is widely expected to wait until December to deliver its next rate cut, though yesterday’s weak PMI readings as well as today’s Ifo have pushed market pricing closer to a 50/50 for a rate cut already at the next meeting in Oct.There is probably a Chinese saying that it is easier to walk through a door when it is open, and markets have opened all the doors for the Fed and the ECB to go fast to neutral rates.That is the first part of this note.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.

United States

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

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USD (USD CURNCY)

FX Forecast Update—October 2023

We are revising our forecasts for the major currencies along with updated economic forecasts (see tables on page 3 and here for the Forecast Update).

Scotiabank

EUR rates: 50bp Dec rate cut risk

Yesterday’s Reuters story on the ECB going below neutral added some downward pressure (read ithere). It follows more dovish commentary from...

Nordea

Global FX: US elections: A roadmap for FX and hedges

JPMorganmarkets.com provides valuable insights on the impact of elections, tariffs, and fiscal policies on the FX market, with potential scenarios...

At Any Rate

US Rates: The Fall Classic

Labor market data challenges the notion of slowing labor demand, with job openings rising in August and initial claims at their lowest since May,...

At Any Rate

EUR Rates: Highway to Neutral

The ECB’s Governing Council is split between those still more worried about inflation risks and those starting to worry more about labour market...

Nordea

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