External broker reports(aggregated public sources), Scotiabank

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External broker reports(aggregated public sources)

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FX & Rates

<ul><li>FX Market Update—The USD is trading mixed to firmer on the day to extend the DXY’s rebound back through the low 101 area where I had expected better resistance to corrections to emerge.</li><li>A weaker EUR is helping support the broader tone of what looks a more mixed USD on the session.</li><li>Among the majors, the NZD, MXN and JPY are strengthening whereas the EUR finds itself near the foot of the overnight performance league. </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 is trading mixed to firmer on the day to extend the DXY’s rebound back through the low 101 area where I had expected better resistance to corrections to emerge.A weaker EUR is helping support the broader tone of what looks a more mixed USD on the session.Among the majors, the NZD, MXN and JPY are strengthening whereas the EUR finds itself near the foot of the overnight performance league. 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 Mixed as EUR Slides on Weak PMIs

<ul>
<li>The CAD has outperformed most of its major currency peers this week but that is reflecting its tendency to trade more or less in line with the broader USD tone at the moment.</li>
<li>USDCAD is little changed on the week overall, with the CAD pacing USD gains on the major crosses.</li>
<li>The data run in Canada this week reflected softer than expected June CPI and May Retail Sales activity; early estimates for June Retail Sales were flat. </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 has outperformed most of its major currency peers this week but that is reflecting its tendency to trade more or less in line with the broader USD tone at the moment.
USDCAD is little changed on the week overall, with the CAD pacing USD gains on the major crosses.
The data run in Canada this week reflected softer than expected June CPI and May Retail Sales activity; early estimates for June Retail Sales were flat. 

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 Slips into Range versus USD

<ul>
<li>CFTC data for the week through July 18th reflect a significant deterioration in USD sentiment.</li>
<li>Speculative Accounts’ overall positioning against the USD versus the major currencies reflected an aggregate short position of USD 19.9bn in the latest week.</li>
<li>The week-over-week increase in aggregate USD shorts of USD7.4bn was the largest single week positioning shift against the USD since 2020. </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.


CFTC data for the week through July 18th reflect a significant deterioration in USD sentiment.
Speculative Accounts’ overall positioning against the USD versus the major currencies reflected an aggregate short position of USD 19.9bn in the latest week.
The week-over-week increase in aggregate USD shorts of USD7.4bn was the largest single week positioning shift against the USD since 2020. 

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.

Global FX Strategy - USD Sentiment Deteriorates Sharply

<ul><li>USD edged off its lows Tuesday, perhaps reflecting the concerns I noted here yesterday that the sell-off had extended too far, too quickly.</li><li>There was little to support the USD from yesterday’s US data reports. Slower consumer demand and weaker industrial activity bolstered US slowdown expectations.</li><li>There was, however, a Market News report suggesting that Fed policymakers are concerned that rate hikes are feeding into the economy more quickly than anticipated; in other words, the fuller impact of rate hikes is already being felt and it has not been enough to slow the economy sufficient to bear down on prices. </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.

USD edged off its lows Tuesday, perhaps reflecting the concerns I noted here yesterday that the sell-off had extended too far, too quickly.There was little to support the USD from yesterday’s US data reports. Slower consumer demand and weaker industrial activity bolstered US slowdown expectations.There was, however, a Market News report suggesting that Fed policymakers are concerned that rate hikes are feeding into the economy more quickly than anticipated; in other words, the fuller impact of rate hikes is already being felt and it has not been enough to slow the economy sufficient to bear down on prices. 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>The CAD got the lift I was looking for from this week’s events.</li>
<li>US CPI came in lower than expected and the Bank of Canada raised interest rates 25bps.</li>
<li>The broader import of the slide in US CPI is a clearer shift in the narrative surrounding the USD—the fact that the peak in the Fed tightening cycle is now very close, perhaps just a couple of weeks away. </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 got the lift I was looking for from this week’s events.
US CPI came in lower than expected and the Bank of Canada raised interest rates 25bps.
The broader import of the slide in US CPI is a clearer shift in the narrative surrounding the USD—the fact that the peak in the Fed tightening cycle is now very close, perhaps just a couple of weeks away. 

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’s Grind Higher Should Extend

Canada

The Canadian dollar is the official currency of Canada. 

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CAD (USDCAD CURNCY)

FX Daily - USD Mixed as EUR Slides on Weak PMIs

FX Market Update—The USD is trading mixed to firmer on the day to extend the DXY’s rebound back through the low 101 area where I had expected...

Scotiabank

CAD Weekly Outlook - CAD Slips into Range versus USD

The CAD has outperformed most of its major currency peers this week but that is reflecting its tendency to trade more or less in line with the...

Scotiabank

Global FX Strategy - USD Sentiment Deteriorates Sharply

Speculative Accounts’ overall positioning against the USD versus the major currencies reflected an aggregate short position of USD 19.9bn in the...

Scotiabank

FX Daily - GBP Tumbles on Lower UK CPI

USD edged off its lows Tuesday, perhaps reflecting the concerns I noted here yesterday that the sell-off had extended too far, too quickly.

Scotiabank

CAD Weekly Outlook – CAD’s Grind Higher Should Extend

The CAD got the lift I was looking for from this week’s events. US CPI came in lower than expected and the Bank of Canada raised interest rates 25bps.

Scotiabank

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