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

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

FX & Rates

<ul><li>The US dollar remains strong despite ongoing government shutdown and uncertain economic data</li><li>Eurodollar shows resilience and potential for growth due to positive PMI data in Europe</li><li>Range-bound trading expected for Eurodollar with potential for upside breakout depending on US data and market conditions</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The US dollar remains strong despite ongoing government shutdown and uncertain economic dataEurodollar shows resilience and potential for growth due to positive PMI data in EuropeRange-bound trading expected for Eurodollar with potential for upside breakout depending on US data and market conditionsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX: Dollar oscillates; more fiscal clarity for GBP & CAD

Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

<ul>
<li>The Bank for International Settlements’ (BIS) triennial survey highlights the continued expansion of global foreign exchange activity.</li>
<li>The Mexican peso reaffirmed its relevance, ranking among the most actively traded currencies worldwide and consolidating its position as one of the leading currencies within emerging markets.</li>
<li>According to the BIS Triennial Central Bank Survey on foreign exchange markets (April 2025), global FX trading volumes increased by 28% compared with the 2022 survey, reaching an average daily turnover of USD 9.6 trillion.</li>
</ul>


The Bank for International Settlements’ (BIS) triennial survey highlights the continued expansion of global foreign exchange activity.
The Mexican peso reaffirmed its relevance, ranking among the most actively traded currencies worldwide and consolidating its position as one of the leading currencies within emerging markets.
According to the BIS Triennial Central Bank Survey on foreign exchange markets (April 2025), global FX trading volumes increased by 28% compared with the 2022 survey, reaching an average daily turnover of USD 9.6 trillion.


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.

<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

<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

Canada

The Canadian dollar is the official currency of Canada. 

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CAD (USDCAD CURNCY)

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

Global FX: Dollar oscillates; more fiscal clarity for GBP & CAD

The US dollar remains strong amidst market volatility, the shutdown sets a new record, Eurodollar volatility persists, JPMorgan analyzes AI's...

At Any Rate

Actinver Research - Mexican Peso Trading

The Bank for International Settlements’ (BIS) triennial survey highlights the continued expansion of global foreign exchange activity.

Actinver

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

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...

Scotiabank

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

Individual reporting currency swings offered some interesting w/w changes with notable short covering in GBP and AUD alongside a sizeable reduction...

Scotiabank

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52-week Range

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