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

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

<ul><li>The aggregate USD short widened modestly in the week ended September 23, with a $0.8bn w/w build to $8.6bn.</li><li>This was the third consecutive week of deterioration in aggregate USD positioning, suggesting a renewed appetite for bearish USD bets following a period of short covering that was observed through much of July and August.</li><li>Adjustments among the reporting currencies were mixed, with a sizeable increase in the JPY long and short covering in CHF and GBP. </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 aggregate USD short widened modestly in the week ended September 23, with a $0.8bn w/w build to $8.6bn.This was the third consecutive week of deterioration in aggregate USD positioning, suggesting a renewed appetite for bearish USD bets following a period of short covering that was observed through much of July and August.Adjustments among the reporting currencies were mixed, with a sizeable increase in the JPY long and short covering in CHF and GBP. 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.

CFTC Weekly Sentiment Report - JPY Net Long Sees Sizeable Build , Likely Driven By Hawkish BoJ

The British Pound Sterling is the official currency of The United Kingdom. 

<ul><li>The aggregate USD short was largely unchanged in the week ended September 16, widening a modest $0.7bn w/w to $7.8bn, in a reporting period that captured speculative positioning into the Fed, BoC, BoE, and BoJ policy meetings.</li><li>Individual reporting currency swings offered some interesting w/w changes with notable short covering in GBP and AUD alongside a sizeable reduction in the JPY net long.</li><li>Speculators also slightly pared back their massive EUR long. The EUR remains the largest held net long, followed by the JPY in a distant second. </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 aggregate USD short was largely unchanged in the week ended September 16, widening a modest $0.7bn w/w to $7.8bn, in a reporting period that captured speculative positioning into the Fed, BoC, BoE, and BoJ policy meetings.Individual reporting currency swings offered some interesting w/w changes with notable short covering in GBP and AUD alongside a sizeable reduction in the JPY net long.Speculators also slightly pared back their massive EUR long. The EUR remains the largest held net long, followed by the JPY in a distant second. 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.

CFTC Weekly Sentiment Report - Speculators Covered GBP Shorts Ahead Of BoE

The Canadian dollar is the official currency of Canada. 

<ul><li>The CAD is ending the week with a minor 0.2% gain, having faded the bulk of its early strength in the aftermath of Wednesday’s dual Fed/BoC decisions.</li><li>Communication from both central banks was cautiously dovish, with Fed Chair Powell Characterizing the 25bpt cut as a ‘risk management’ adjustment.</li><li>For Canada, Gov. Macklem was evasive in terms of his outlook and offered no guidance on rates as he acknowledged Canada’s troubling economic situation and a worrisome lack of solutions to the country’s long-term challenges. </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 CAD is ending the week with a minor 0.2% gain, having faded the bulk of its early strength in the aftermath of Wednesday’s dual Fed/BoC decisions.Communication from both central banks was cautiously dovish, with Fed Chair Powell Characterizing the 25bpt cut as a ‘risk management’ adjustment.For Canada, Gov. Macklem was evasive in terms of his outlook and offered no guidance on rates as he acknowledged Canada’s troubling economic situation and a worrisome lack of solutions to the country’s long-term challenges. 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.

CAD Weekly - CAD Takes A Bearish U-Turn On BoC/Fed

<ul><li>EURCAD’s rally remains impressive as it extends its Q1 surge with a push to fresh highs in the low 1.60s at levels last seen in the depths of the global financial crisis in March of 2009.</li><li>The EURCAD rally has been earned and fundamentally-driven by an ongoing evolution in the outlook for relative central bank policy that includes an increasingly dovish Fed, an increasingly neutral ECB, and a Bank of Canada that is caught in the middle and ultimately tied to its southern neighbor as a result of its close economic and geographic ties.</li><li>The CAD’s fortunes remain closely tied to those of the broader USD’s, especially as it relates to currency relationships outside of North America.</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.

EURCAD’s rally remains impressive as it extends its Q1 surge with a push to fresh highs in the low 1.60s at levels last seen in the depths of the global financial crisis in March of 2009.The EURCAD rally has been earned and fundamentally-driven by an ongoing evolution in the outlook for relative central bank policy that includes an increasingly dovish Fed, an increasingly neutral ECB, and a Bank of Canada that is caught in the middle and ultimately tied to its southern neighbor as a result of its close economic and geographic ties.The CAD’s fortunes remain closely tied to those of the broader USD’s, especially as it relates to currency relationships outside of North America.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 - Still No Change In Bullish EURCAD Outlook

<ul><li>The aggregate USD short widened a notable $2.1bn in the week ended September 9, reaching $7.2bn in a reporting period that captured the US/Canada jobs disappointments and the media reporting of the BoJ’s intention to resume tightening by year end.</li><li>The largest w/w swings were observed in JPY and EUR, as both net longs increased. The CHF short widened modestly, and all of the remaining currencies saw there positions remain largely unchanged w/w.</li><li>The EUR remains the largest net long, followed by JPY, with MXN a distant third. </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 aggregate USD short widened a notable $2.1bn in the week ended September 9, reaching $7.2bn in a reporting period that captured the US/Canada jobs disappointments and the media reporting of the BoJ’s intention to resume tightening by year end.The largest w/w swings were observed in JPY and EUR, as both net longs increased. The CHF short widened modestly, and all of the remaining currencies saw there positions remain largely unchanged w/w.The EUR remains the largest net long, followed by JPY, with MXN a distant third. 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.

CFTC Weekly Sentiment Report - JPY Sees Massive Speculative Swing On BoJ Tightening Report