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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>There was a clearly dovish tilt to the Fed’s policy decision today.</li><li>The policy statement strongly suggests that, after holding the policy rate steady since July, the Fed is done tightening.</li><li>The dot plot implies a bit more easing in the Fed funds target rate next year than back in September.</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.

There was a clearly dovish tilt to the Fed’s policy decision today.The policy statement strongly suggests that, after holding the policy rate steady since July, the Fed is done tightening.The dot plot implies a bit more easing in the Fed funds target rate next year than back in September.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 – USDCAD Heads Lower post FOMC

<ul>
<li>FX Market Update —The USD is trading lower ahead of the US CPI print at 8.30ET.</li>
<li>The USD rebound through early December may be peaking but soft inflation data will be needed to add to the softer tone that is developing as the DXY shows signs of topping out around the 104.20 area —the 38.2% Fibonacci retracement of the November drop in the index.</li>
<li>Trading overnight reflects a somewhat positive tone, adding to USD headwinds. Stocks are flattish in Europe but US equity futures are trading in the green.</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 lower ahead of the US CPI print at 8.30ET.
The USD rebound through early December may be peaking but soft inflation data will be needed to add to the softer tone that is developing as the DXY shows signs of topping out around the 104.20 area —the 38.2% Fibonacci retracement of the November drop in the index.
Trading overnight reflects a somewhat positive tone, adding to USD headwinds. Stocks are flattish in Europe but US equity futures are trading in the green.

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 Slips Ahead of CPI, CAD Underperforms

<ul><li>The CAD has been one of the better performing major currencies over the past week allowing the rebound against the USD to develop a little more.</li><li>CAD gains are effectively testing 1.3495 retracement support highlighted in last week’s note.</li><li>The charts above reflect a modest USDCAD undervaluation now and a TRIX oscillator that is creeping a bit deeper into oversold territory. </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 been one of the better performing major currencies over the past week allowing the rebound against the USD to develop a little more.CAD gains are effectively testing 1.3495 retracement support highlighted in last week’s note.The charts above reflect a modest USDCAD undervaluation now and a TRIX oscillator that is creeping a bit deeper into oversold territory. 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 - USDCAD Tests Retracement Support

<ul><li>The USD is ending the week and starting the month somewhat on the defensive versus most major currencies although the DXY itself is little changed on the day.</li><li>FX is consolidating yesterday’s broad dollar gains which stalled right on the DXY’s 200-day MA (103.59). US Treasury yields are flat on the day while stocks are trading positively.</li><li>Despite yesterday’s recovery in the USD, headwinds—lower yields specifically but seasonal trends in December and broadly bearish technicals—all suggest more USD softness ahead in the next few weeks and perhaps beyond. </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 USD is ending the week and starting the month somewhat on the defensive versus most major currencies although the DXY itself is little changed on the day.FX is consolidating yesterday’s broad dollar gains which stalled right on the DXY’s 200-day MA (103.59). US Treasury yields are flat on the day while stocks are trading positively.Despite yesterday’s recovery in the USD, headwinds—lower yields specifically but seasonal trends in December and broadly bearish technicals—all suggest more USD softness ahead in the next few weeks and perhaps beyond. 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 Steadies Ahead of Fed Comments

<ul><li>Comments from Fed hawk Waller that he was encouraged by what policymakers had learned recently pressured US yields and the USD yesterday.</li><li>Additional comments on how quickly—hypothetically—rates could fall saw front-end yields rally.</li><li>Waller’s colleague Bowman was a bit more measured in her remarks but markets sense that the Fed cycle is done and focus is shifting to the timing of rate cuts. </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.

Comments from Fed hawk Waller that he was encouraged by what policymakers had learned recently pressured US yields and the USD yesterday.Additional comments on how quickly—hypothetically—rates could fall saw front-end yields rally.Waller’s colleague Bowman was a bit more measured in her remarks but markets sense that the Fed cycle is done and focus is shifting to the timing of rate cuts. 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 Edges Off Low but Headwinds Remain

Canada

The Canadian dollar is the official currency of Canada. 

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CAD (USDCAD CURNCY)

FX Snapshot – USDCAD Heads Lower post FOMC

The real headwind for the CAD currently stems from weaker commodity prices generally and the soft turn in terms of trade that have resulted so far...

Scotiabank

FX Daily - USD Slips Ahead of CPI, CAD Underperforms

The USD rebound through early December may be peaking but soft inflation data will be needed to add to the softer tone that is developing as the...

Scotiabank

CAD Weekly Outlook - USDCAD Tests Retracement Support

The CAD has been one of the better performing major currencies over the past week allowing the rebound against the USD to develop a little more.

Scotiabank

FX Daily - USD Steadies Ahead of Fed Comments

The USD is ending the week and starting the month somewhat on the defensive versus most major currencies although the DXY itself is little changed...

Scotiabank

FX Daily - USD Edges Off Low but Headwinds Remain

Comments from Fed hawk Waller that he was encouraged by what policymakers had learned recently pressured US yields and the USD yesterday.

Scotiabank

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