External broker reports(aggregated public sources), Scotiabank

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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>Overall changes in aggregate positioning in the USD were little changed in this week’s CFTC data.</li>
<li>Aggregate Non-Commercial (speculative) net USD longs increased slightly (USD227mn), holding close to recent levels which remains the most bullish positioning on the USD in a little under a year (USD8.7bn).</li>
<li>Data shows that Leveraged Accounts (hedge funds) pared back aggregate net long USD positioning slightly while Real Money Accounts (institutional investors) persisted with (slightly reduced) net USD shorts.</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.


Overall changes in aggregate positioning in the USD were little changed in this week’s CFTC data.
Aggregate Non-Commercial (speculative) net USD longs increased slightly (USD227mn), holding close to recent levels which remains the most bullish positioning on the USD in a little under a year (USD8.7bn).
Data shows that Leveraged Accounts (hedge funds) pared back aggregate net long USD positioning slightly while Real Money Accounts (institutional investors) persisted with (slightly reduced) net USD shorts.

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.

Weekly CFTC Sentiment Report - Speculators Dip Back into Net EUR Longs

<ul><li>The USD is stronger overall, supported by rising US yields (10s touched 4.98% earlier) and weaker global stocks following a tumble (2%+) in Chinese equities earlier.</li><li>The EUR, CHF and the JPY are all holding very minor gains on the session, with high beta FX underperforming, however.</li><li>The JPY’s stability looks a little curious considering its sensitivity to US yields recently but broader USD (DXY) gains are looking a bit stretched relative to fair value based on short-term spreads alone, suggesting the primary driver of USD appreciation is coming from geo-political/market risk influences. </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 stronger overall, supported by rising US yields (10s touched 4.98% earlier) and weaker global stocks following a tumble (2%+) in Chinese equities earlier.The EUR, CHF and the JPY are all holding very minor gains on the session, with high beta FX underperforming, however.The JPY’s stability looks a little curious considering its sensitivity to US yields recently but broader USD (DXY) gains are looking a bit stretched relative to fair value based on short-term spreads alone, suggesting the primary driver of USD appreciation is coming from geo-political/market risk influences. 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 Firmer on Yields, Risk Aversion

<ul><li>FX Market Update—The USD is trading mixed to a little firmer in broad terms but FX movement is limited among the core currencies as investors grapple with uncertainty across a number of fronts.</li><li>The USD’s failures to advance on the back of stronger than expected data and higher yields yesterday supports the impression that choppy—but essentially flat—trading in the DXY since late September reflects “late cycle” activity as investors consider the peak of the Fed tightening cycle and the peak in the US economy.</li><li>The lid on the DXY rally in the low 107 area is looking a little more solid.</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 a little firmer in broad terms but FX movement is limited among the core currencies as investors grapple with uncertainty across a number of fronts.The USD’s failures to advance on the back of stronger than expected data and higher yields yesterday supports the impression that choppy—but essentially flat—trading in the DXY since late September reflects “late cycle” activity as investors consider the peak of the Fed tightening cycle and the peak in the US economy.The lid on the DXY rally in the low 107 area is looking a little more solid.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>FX Market Update—The USD is trading firmer overall but the “market-weighted” DXY is trading off its earlier highs ahead of the North American session and effectively continues to consolidate within the October trading range.</li><li>Risk appetite has softened somewhat as investors focus on developments in Israel/Gaza. President Biden plans to visit Israel tomorrow.</li><li>European stocks and US equity futures are steady to lower but bonds have weakened. </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 firmer overall but the “market-weighted” DXY is trading off its earlier highs ahead of the North American session and effectively continues to consolidate within the October trading range.Risk appetite has softened somewhat as investors focus on developments in Israel/Gaza. President Biden plans to visit Israel tomorrow.European stocks and US equity futures are steady to lower but bonds have weakened. 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 Higher, CAD Slips Ahead of CPI

Head of Research, Steno Research

Emil Moller

Head of Research

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>Hello everyone, and welcome back to our weekly weekend Positioning Watch.</li><li>The Central Bank bonanza week has come to a close, with only a few localized surprises in policy decisions.</li><li>It appears that only a handful of bold (or perhaps desperate) governors are willing to stand up to the market’s pressure these days.</li></ul>

Hello everyone, and welcome back to our weekly weekend Positioning Watch.The Central Bank bonanza week has come to a close, with only a few localized surprises in policy decisions.It appears that only a handful of bold (or perhaps desperate) governors are willing to stand up to the market’s pressure these days.

Positioning Watch: Higher for longer vs Lower for longer?

Switzerland

The Swiss franc is the official currency of Switzerland.

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CHF (USDCHF CURNCY)

Weekly CFTC Sentiment Report - Speculators Dip Back into Net EUR Longs

Aggregate Non-Commercial (speculative) net USD longs increased slightly (USD227mn), holding close to recent levels which remains the most bullish...

Scotiabank

FX Daily - USD Firmer on Yields, Risk Aversion

The USD is stronger overall, supported by rising US yields (10s touched 4.98% earlier) and weaker global stocks following a tumble (2%+) in Chinese...

Scotiabank

FX Daily - USD Mixed Amid Uncertainty

FX Market Update—The USD is trading mixed to a little firmer in broad terms but FX movement is limited among the core currencies as investors...

Scotiabank

FX Daily - USD Edges Higher, CAD Slips Ahead of CPI

Risk appetite has softened somewhat as investors focus on developments in Israel/Gaza. President Biden plans to visit Israel tomorrow.

Scotiabank

Positioning Watch: Higher for longer vs Lower for longer?

Hello everyone, and welcome back to our weekly weekend Positioning Watch. The Central Bank bonanza week has come to a close, with only a few...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)