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 USD is trading a little lower on the session. The USD’s New Year rally has stalled, with the EUR gaining a little ground over the course of the European morning session on supportive data.</li><li>The JPY is underperforming amid speculation that the Ishikawa earthquake will leave the BoJ reluctant to adjust monetary policy in the near term, however.</li><li>Broader USD losses are perhaps no more than a pause in the recent rebound which still has room to play out, in my opinion. </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 trading a little lower on the session. The USD’s New Year rally has stalled, with the EUR gaining a little ground over the course of the European morning session on supportive data.The JPY is underperforming amid speculation that the Ishikawa earthquake will leave the BoJ reluctant to adjust monetary policy in the near term, however.Broader USD losses are perhaps no more than a pause in the recent rebound which still has room to play out, in my opinion. 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 Lower but Finds Support on Dips

<ul><li>FX Market Update—The USD ended 2023 on a soft note, but a little off the low made on December 28th which was the lowest the DXY traded at since July.</li><li>Overall, the DXY registered a down year in 2023, losing around 4% overall after two years of solid gains.</li><li>The holiday period has been relatively quiet. The JPY and CHF have tended to outperform since the 24th while sterling and the EUR are relative underperformers among the majors—but are effectively little changed since just before the holiday break. </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 ended 2023 on a soft note, but a little off the low made on December 28th which was the lowest the DXY traded at since July.Overall, the DXY registered a down year in 2023, losing around 4% overall after two years of solid gains.The holiday period has been relatively quiet. The JPY and CHF have tended to outperform since the 24th while sterling and the EUR are relative underperformers among the majors—but are effectively little changed since just before the holiday break. 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>Not quite the night before Christmas and some things are still stirring across markets ahead of the holidays.</li><li>The USD is broadly weaker versus the major currencies as markets position ahead of this morning’s data round. Month-end flows may also be weighing on the USD.</li><li>The EUR has risen through recent peaks to trade at its best level since August. </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.

Not quite the night before Christmas and some things are still stirring across markets ahead of the holidays.The USD is broadly weaker versus the major currencies as markets position ahead of this morning’s data round. Month-end flows may also be weighing on the USD.The EUR has risen through recent peaks to trade at its best level since August. 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.

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

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>We’ll start today’s 5 things with a look at the central bank outlook for in 2024, then we’ll address the troubles for OPEC.</li><li>We move over to talk about China and afterwards Ukraine for some geopolitics.</li><li>Finally, we’ll end this year’s last 5 things with a crypto outlook.</li></ul>

We’ll start today’s 5 things with a look at the central bank outlook for in 2024, then we’ll address the troubles for OPEC.We move over to talk about China and afterwards Ukraine for some geopolitics.Finally, we’ll end this year’s last 5 things with a crypto outlook.

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

<ul><li>Powell invited for a yuuuge risk asset party this week by allowing the market to continue to chase the narrative of material rate cuts in 2024.</li><li>This is (again) reminiscent of the 2006-2007 pause when the Fed allowed financial conditions to ease materially in the run-up to the recession.</li><li>During a hiking cycle, loads and loads of USDs are parked in cash-like setups due to a sudden better relative yield premium in almost risk-free structures.</li></ul>

Powell invited for a yuuuge risk asset party this week by allowing the market to continue to chase the narrative of material rate cuts in 2024.This is (again) reminiscent of the 2006-2007 pause when the Fed allowed financial conditions to ease materially in the run-up to the recession.During a hiking cycle, loads and loads of USDs are parked in cash-like setups due to a sudden better relative yield premium in almost risk-free structures.

Steno Signals #78 – Santa Powell Handing Out Gifts Even to the Naughty!

Switzerland

The Swiss franc is the official currency of Switzerland.

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CHF (USDCHF CURNCY)

FX Daily - USD Edges Lower but Finds Support on Dips

he USD’s New Year rally has stalled, with the EUR gaining a little ground over the course of the European morning session on supportive data.

Scotiabank

FX Daily - Oversold USD Rebounds

The USD ended 2023 on a soft note, but a little off the low made on December 28th which was the lowest the DXY traded at since July.

Scotiabank

FX Daily - USD Slides Ahead of Data

The USD is broadly weaker versus the major currencies as markets position ahead of this morning’s data round. Month-end flows may also be weighing...

Scotiabank

Five Things We Watch For In 2024

The thing to watch is probably employment numbers and once the labor markets start turning bad, expect CBs to cut in a hurry (especially if it is...

Steno Research

Steno Signals #78 – Santa Powell Handing Out Gifts Even to the Naughty!

Powell invited for a yuuuge risk asset party this week by allowing the market to continue to chase the narrative of material rate cuts in 2024.

Steno Research

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