Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

Commodities

<ul><li>US-Dollar Reversal Incoming? The signs become more that the USD is topping out. This is the result of our latest currency-assessment.</li><li>Particular interesting could be setups in AUDUSD as well as CADUSD - two currency pairs that have been hit the hardest by the strong USD-cycle over the last months.</li><li>Both pairs trade at multi-year support and are heavily oversold across all metrics.</li></ul>

US-Dollar Reversal Incoming? The signs become more that the USD is topping out. This is the result of our latest currency-assessment.Particular interesting could be setups in AUDUSD as well as CADUSD - two currency pairs that have been hit the hardest by the strong USD-cycle over the last months.Both pairs trade at multi-year support and are heavily oversold across all metrics.

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Happy Saturday everyone, and welcome back to our weekly positioning watch, where we dissect how traders and investors are positioning themselves in the current market.</li><li>As with every other rally, retail investors end up blindly following the big players, and long risk might very well be the play to make as flows from ETFs and retail investors continue to lift markets.</li><li>And with that in mind, we have spiced up today’s version, moving away from the CFTC report and instead trying to have a look at what various surveys are telling us about the current market.</li></ul>

Happy Saturday everyone, and welcome back to our weekly positioning watch, where we dissect how traders and investors are positioning themselves in the current market.As with every other rally, retail investors end up blindly following the big players, and long risk might very well be the play to make as flows from ETFs and retail investors continue to lift markets.And with that in mind, we have spiced up today’s version, moving away from the CFTC report and instead trying to have a look at what various surveys are telling us about the current market.

Positioning Watch – The Goldilocks Scenario is Intensifying

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 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>The CAD is rounding out the week in decent shape, with its net gain on the USD (around 0.6% at writing) leaving it at the top of the G10 performance table for the holiday-affected week.</li><li>The CAD’s performance reflects at least in part its snappy rebound from last Friday’s late drop as trade talks quickly got back on track after President Trump abruptly halted negotiations.</li><li>The CAD also recovered quickly from losses seen on Thursday around the release of the US NFP data. </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 rounding out the week in decent shape, with its net gain on the USD (around 0.6% at writing) leaving it at the top of the G10 performance table for the holiday-affected week.The CAD’s performance reflects at least in part its snappy rebound from last Friday’s late drop as trade talks quickly got back on track after President Trump abruptly halted negotiations.The CAD also recovered quickly from losses seen on Thursday around the release of the US NFP data. 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 Grinds out Gains Despite Volatility

<ul><li>The aggregate USD position widened $2.6bn in the week ended June 17, reaching $18.5bn and a level that marginally exceeded last year’s wides.</li><li>The June 17 position date incorporated the latest BoJ policy decision and the most recent US CPI report.</li><li>The largest w/w swing was observed for the CAD, with notable improvements in EUR and NZD as well. </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 position widened $2.6bn in the week ended June 17, reaching $18.5bn and a level that marginally exceeded last year’s wides.The June 17 position date incorporated the latest BoJ policy decision and the most recent US CPI report.The largest w/w swing was observed for the CAD, with notable improvements in EUR and NZD as well. 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.

Bearish CAD Position Narrows As Aggregate USD Short Builds

Canada

The Canadian dollar is the official currency of Canada. 

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CAD (USDCAD CURNCY)

US-Dollar Reversal Incoming?

Particular interesting could be setups in AUDUSD as well as CADUSD - two currency pairs that have been hit the hardest by the strong USD-cycle over...

The Commodity Report

Positioning Watch – The Goldilocks Scenario is Intensifying

Happy Saturday everyone, and welcome back to our weekly positioning watch, where we dissect how traders and investors are positioned

Steno Research

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

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.

Scotiabank

CAD Weekly Outlook - CAD Grinds out Gains Despite Volatility

The CAD is rounding out the week in decent shape, with its net gain on the USD (around 0.6% at writing) leaving it at the top of the G10...

Scotiabank

Bearish CAD Position Narrows As Aggregate USD Short Builds

The aggregate USD position widened $2.6bn in the week ended June 17, reaching $18.5bn and a level that marginally exceeded last year’s wides.

Scotiabank

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)