External broker reports(aggregated public sources), Scotiabank

Scotiabank

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.

External broker reports(aggregated public sources)

FX & Rates

<ul><li>Firm US yields, supportive spreads, bullish seasonal trends and the impending inauguration of President-elect Trump provided solid support for the USD bullish narrative driving markets into the New Year.</li><li>Or so I—and many market participants—thought.</li><li>I had noted a significant USD overvaluation relative to its estimated equilibrium measure in my updates late last week.</li></ul><p><em>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.</em></p>

Firm US yields, supportive spreads, bullish seasonal trends and the impending inauguration of President-elect Trump provided solid support for the USD bullish narrative driving markets into the New Year.Or so I—and many market participants—thought.I had noted a significant USD overvaluation relative to its estimated equilibrium measure in my updates late last week.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 Snapshot - A Needle Scratch in the USD-Positive Narrative