External broker reports(aggregated public sources), ABN AMRO

ABN AMRO

External broker reports(aggregated public sources)

ABN AMRO is a personal bank in the digital age. A bank committed to playing a serious role in society. This digital age helps us to bring banking ever closer to our clients and what they need. Our areas of focus are inclusion, sustainability, social entrepreneurship, innovation, daily banking and more. 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.

Macroeconomics

<ul><li>US dollar sentiment is weakening, as US Treasury yields have been volatile and fiscal concerns remain elevated</li><li>The Treasury’s larger buyback programme has not reassured markets, and investors still worry about US debt dynamics and rising risk premia</li><li>The euro has benefited from dollar weakness, and further dollar downside could support EUR/USD</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.

US dollar sentiment is weakening, as US Treasury yields have been volatile and fiscal concerns remain elevatedThe Treasury’s larger buyback programme has not reassured markets, and investors still worry about US debt dynamics and rising risk premiaThe euro has benefited from dollar weakness, and further dollar downside could support EUR/USDContent 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 Weekly - Pressure on the dollar builds

<ul><li>Last week, sentiment in the EUR/USD options market gradually shifted, with investors showing less preference for calls (upside) over puts (downside).</li><li>This move became more pronounced on Friday morning. Just before Federal Reserve Chair Kevin Warsh’s speech, the one-month measure switched to negative, indicating a small preference for a downward move in EUR/USD.</li><li>While before there was a clear preference for calls. </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.

Last week, sentiment in the EUR/USD options market gradually shifted, with investors showing less preference for calls (upside) over puts (downside).This move became more pronounced on Friday morning. Just before Federal Reserve Chair Kevin Warsh’s speech, the one-month measure switched to negative, indicating a small preference for a downward move in EUR/USD.While before there was a clear preference for calls. 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.

External broker reports, Nordea

Nordea

External broker reports

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. 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 EUR 2y2y/5y5y 6s steepener idea from two weeks ago ended last week almost at the stop.</li><li>The first weeks’ heavy issuance was well absorbed, the Dutch paying still hasn’t hit the market, and the Dutch pension fund PMZW aims for higher hedge ratios and, in turn, will do less outright unwinding of receiver swaps in the transition.</li><li>Moreover, while geopolitical risks have escalated further, the narrative of even more issuance ahead to speed up defence investment never really became the dominant narrative, at least not until this week.Chart 1.</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 EUR 2y2y/5y5y 6s steepener idea from two weeks ago ended last week almost at the stop.The first weeks’ heavy issuance was well absorbed, the Dutch paying still hasn’t hit the market, and the Dutch pension fund PMZW aims for higher hedge ratios and, in turn, will do less outright unwinding of receiver swaps in the transition.Moreover, while geopolitical risks have escalated further, the narrative of even more issuance ahead to speed up defence investment never really became the dominant narrative, at least not until this week.Chart 1.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 Dutch pension transition is approaching the first of two peaks with almost half the sector transitioning 1 January.</li><li>Steepeners, ASW longs and basis spread wideners remain the preferred trades into the transition.</li><li>The Dutch pension reform has been long underway. Transition expectations have guided trade ideas throughout the year in EUR rates. </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 Dutch pension transition is approaching the first of two peaks with almost half the sector transitioning 1 January.Steepeners, ASW longs and basis spread wideners remain the preferred trades into the transition.The Dutch pension reform has been long underway. Transition expectations have guided trade ideas throughout the year in EUR rates. 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.

Thematic (Sector/Industry)

<ul><li>The euro’s sensitivity to energy prices has shifted, but the recent rise in energy prices has again weighed on the currency</li><li>Financial markets are testing how far the authorities will tolerate yen weakness</li><li>The Reserve Bank of New Zealand raised rates by 25 bp and signalled that further rate hikes are likely</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 euro’s sensitivity to energy prices has shifted, but the recent rise in energy prices has again weighed on the currencyFinancial markets are testing how far the authorities will tolerate yen weaknessThe Reserve Bank of New Zealand raised rates by 25 bp and signalled that further rate hikes are likelyContent 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.

United States

The euro is the official currency of the European Economic & Monetary Union.  The US dollar is the official currency of the United States of America.

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FX Weekly - Pressure on the dollar builds

US dollar sentiment is weakening, as US Treasury yields have been volatile and fiscal concerns remain elevated The Treasury’s larger buyback...

ABN AMRO

FX Weekly - Policy Risks for the Dollar

Last week, sentiment in the EUR/USD options market gradually shifted, with investors showing less preference for calls (upside) over puts (downside).

ABN AMRO

EUR rates: Curve jitters

The EUR 2y2y/5y5y 6s steepener idea from two weeks ago ended last week almost at the stop.The first weeks’ heavy issuance was well absorbed...

Nordea

EUR rates: Dutch trades

The Dutch pension reform has been long underway. Transition expectations have guided trade ideas throughout the year in EUR rates.

Nordea

FX Weekly - Energy prices back in focus

Financial markets are testing how far the authorities will tolerate yen weakness. The Reserve Bank of New Zealand raised rates by 25 bp and...

ABN AMRO

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