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>Firm US yields, supportive spreads, bullish seasonal trends and the impending inauguration of President-elect Trump provided solid support for the USD bullish narrative driving markets into the New Year.</li><li>Or so I—and many market participants—thought.</li><li>I had noted a significant USD overvaluation relative to its estimated equilibrium measure in my updates late last week.</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.

Firm US yields, supportive spreads, bullish seasonal trends and the impending inauguration of President-elect Trump provided solid support for the USD bullish narrative driving markets into the New Year.Or so I—and many market participants—thought.I had noted a significant USD overvaluation relative to its estimated equilibrium measure in my updates late last week.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 - A Needle Scratch in the USD-Positive Narrative

<ul><li>CFTC data for the week through December 10 reflects a small improvement in overall USD bullish sentiment.</li><li>Aggregate net Non-Commercial USD longs versus the major currencies we cover in this report rose USD1.5bn to USD24.3bn.</li><li>Additional data shows Real Money (institutional) traders cut their small net USD long from the prior week back to zero while Leveraged (hedge fund) traders boosted net USD longs by about USD2bn to USD10.5bn. </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.

CFTC data for the week through December 10 reflects a small improvement in overall USD bullish sentiment.Aggregate net Non-Commercial USD longs versus the major currencies we cover in this report rose USD1.5bn to USD24.3bn.Additional data shows Real Money (institutional) traders cut their small net USD long from the prior week back to zero while Leveraged (hedge fund) traders boosted net USD longs by about USD2bn to USD10.5bn. 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 Data - USD Bull Sentiment Strengthens

<ul><li>The latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December, with traders perhaps lacking the motivation to adjust exposures after the Thanksgiving break.</li><li>Aggregate long USD positioning among Non-Commercial (speculative) accounts fell USD498mn over the week to USD22.8bn—after holding steady at USD23.3bn over the prior two weeks.</li><li>Additional data shows Leveraged traders (hedge funds) adding about USD1.5bn to net long USD positions, taking exposure up to USD8.5bn, while Institutional (real money) traders doubled net long USDs to USD3bn.</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 latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December, with traders perhaps lacking the motivation to adjust exposures after the Thanksgiving break.Aggregate long USD positioning among Non-Commercial (speculative) accounts fell USD498mn over the week to USD22.8bn—after holding steady at USD23.3bn over the prior two weeks.Additional data shows Leveraged traders (hedge funds) adding about USD1.5bn to net long USD positions, taking exposure up to USD8.5bn, while Institutional (real money) traders doubled net long USDs to USD3bn.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 - USD Sentiment/Positioning Stable

External broker reports(aggregated public sources), Mizuho

Mizuho

Mizuho Bank is a leading global bank with one of the largest customer bases in Japan, and an extensive international network covering financial and business centers around the world. 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>In Japanese monetary policy, the Bank of Japan (BOJ) kept policy rate fixed when it met in October.</li><li>In his press conference, BOJ governor Kazuo Ueda voiced more conviction that the BOJ would hit its price stability target, though he said the BOJ would need to monitor next spring’s wage negotiations and other factors to gain a clearer picture of wage trends, with the governor continuing to adopt a cautious stance when it came to the timing of rate hikes.</li><li>The next meeting in December is some way off and investors are unlikely to start pricing in rates hikes in November, so Japanese monetary policy will support yen selling this month. </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.

In Japanese monetary policy, the Bank of Japan (BOJ) kept policy rate fixed when it met in October.In his press conference, BOJ governor Kazuo Ueda voiced more conviction that the BOJ would hit its price stability target, though he said the BOJ would need to monitor next spring’s wage negotiations and other factors to gain a clearer picture of wage trends, with the governor continuing to adopt a cautious stance when it came to the timing of rate hikes.The next meeting in December is some way off and investors are unlikely to start pricing in rates hikes in November, so Japanese monetary policy will support yen selling this month. 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 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

United States

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FX Snapshot - A Needle Scratch in the USD-Positive Narrative

Firm US yields, supportive spreads, bullish seasonal trends and the impending inauguration of President-elect Trump provided solid support for the...

Scotiabank

Weekly CFTC Sentiment Data - USD Bull Sentiment Strengthens

Speculative traders moved in different directions on the major currencies. They boosted net JPY longs USD1.9bn and lifted net GBP longs by USD634mn.

Scotiabank

Weekly CFTC Sentiment Report - USD Sentiment/Positioning Stable

The latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December

Scotiabank

Mizuho Dealer's Eye (Nov, 2025)

The next meeting in December is some way off and investors are unlikely to start pricing in rates hikes in November, so Japanese monetary policy...

Mizuho

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

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