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>High beta currencies have done well over the past week.</li><li>A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted pro-cyclical currencies.</li><li>Top of the pack over the last five trading sessions is the NOK (helped by the jump in Brent around Red Sea focus, for sure), followed by the ZAR, AUD, SEK and NZD.</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.

High beta currencies have done well over the past week.A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted pro-cyclical currencies.Top of the pack over the last five trading sessions is the NOK (helped by the jump in Brent around Red Sea focus, for sure), followed by the ZAR, AUD, SEK and NZD.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 - Stretched Valuation Does Not Preclude More USDCAD Losses

<ul><li>So, the Fed is finished raising interest rates and given their revised outlook for lower inflation and slower growth, Fed Chairman Powell conceded that policymakers were now starting to think about when rate cuts will be appropriate.</li><li>The concession that the timing of rate cuts was now up for discussion was a more dovish development than markets were expecting.</li><li>Up until the blackout for this meeting, senior Fed officials were stressing the risk of policy remaining high for longer to combat inflation and, in that context, some pushback on market pricing for rate cuts would not have surprised yesterday.</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.

So, the Fed is finished raising interest rates and given their revised outlook for lower inflation and slower growth, Fed Chairman Powell conceded that policymakers were now starting to think about when rate cuts will be appropriate.The concession that the timing of rate cuts was now up for discussion was a more dovish development than markets were expecting.Up until the blackout for this meeting, senior Fed officials were stressing the risk of policy remaining high for longer to combat inflation and, in that context, some pushback on market pricing for rate cuts would not have surprised yesterday.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>Just after I sent out last week’s note, the CAD started to show some signs of a revival against the USD and averted further losses to retest the 1.39 area as I feared could be the case; there was some underlying resilience in the CAD after all.</li><li>But although the CAD has picked up ground against a soft USD this week, its 0.5% rise is the smallest among the major currencies.</li><li>The sharp slide in crude oil seemed to pin back the CAD Thursday but a look at the currency performance league on the week shows the MXN, NOK and AUD in the top five, with gains of at least 2%. </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.

Just after I sent out last week’s note, the CAD started to show some signs of a revival against the USD and averted further losses to retest the 1.39 area as I feared could be the case; there was some underlying resilience in the CAD after all.But although the CAD has picked up ground against a soft USD this week, its 0.5% rise is the smallest among the major currencies.The sharp slide in crude oil seemed to pin back the CAD Thursday but a look at the currency performance league on the week shows the MXN, NOK and AUD in the top five, with gains of at least 2%. 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 Outlook - CAD Lags But Can Progress Against Softer USD

<ul><li>FX Market Update —The USD remains firm after yesterday gains.</li><li>US Treasurys remain under pressure following the Fitch news and, perhaps more especially, the US Treasury refunding announcement which highlighted a significant increase in supply over the coming year —even though this would not have been a surprise for the Treasury market.</li><li>Weak Treasurys are weighing on global yields and extending pressure on stocks.</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.

FX Market Update —The USD remains firm after yesterday gains.US Treasurys remain under pressure following the Fitch news and, perhaps more especially, the US Treasury refunding announcement which highlighted a significant increase in supply over the coming year —even though this would not have been a surprise for the Treasury market.Weak Treasurys are weighing on global yields and extending pressure on stocks.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 Supported by Rising Yields

<ul><li>Fitch’s announcement late yesterday that it was cutting the US sovereign credit rating by one notch to AA+ caught the market by surprise.</li><li>The decision was unexpected, even though the agency had put the US on ratings watch negative back in May.</li><li>S&amp;P Global cut its sovereign rating for the US back in 2011 and was widely criticized for the decision then. The Fitch downgrade has also been criticized, with Treasury Sec.</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.

Fitch’s announcement late yesterday that it was cutting the US sovereign credit rating by one notch to AA+ caught the market by surprise.The decision was unexpected, even though the agency had put the US on ratings watch negative back in May.S&amp;P Global cut its sovereign rating for the US back in 2011 and was widely criticized for the decision then. The Fitch downgrade has also been criticized, with Treasury Sec.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 - Fitch Ratings Cut Not Fatal, but Not Good for the USD

Australia

The Australian dollar is the official currency of the Commonwealth of Australia.

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AUD (USDAUD CURNCY)

FX Snapshot - Stretched Valuation Does Not Preclude More USDCAD Losses

High beta currencies have done well over the past week. A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted...

Scotiabank

FX Daily - USD Slump Extends After FOMC

USD broadly lower in the wake of the Fed decision; more losses look likely. CAD gains on soft USD fall out. Spot loses squeeze CAD shorts.

Scotiabank

CAD Weekly Outlook - CAD Lags But Can Progress Against Softer USD

Just after I sent out last week’s note, the CAD started to show some signs of a revival against the USD and averted further losses to retest the...

Scotiabank

FX Daily - USD Supported by Rising Yields

FX Market Update —The USD remains firm after yesterday gains. US Treasurys remain under pressure following the Fitch news and, perhaps more...

Scotiabank

FX Snapshot - Fitch Ratings Cut Not Fatal, but Not Good for the USD

Fitch’s announcement late yesterday that it was cutting the US sovereign credit rating by one notch to AA+ caught the market by surprise.

Scotiabank

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