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>Takeaways: Some very gloomy signs in the IFO survey details with Capital Goods production expectations nose-diving in a recessionary fashionOn the other hand, the highly cyclical Chemicals industry, a large consumer of Natural Gas, is rebounding for the third month running.</li><li>Price pressures remain low in the forward looking survey, but there are signs of a stabilization/rebound.</li><li>EUR-flation is likely to bottom below 2%, but price pressures could re-emerge already during the spring according to the Ifo Survey.</li></ul>

Takeaways: Some very gloomy signs in the IFO survey details with Capital Goods production expectations nose-diving in a recessionary fashionOn the other hand, the highly cyclical Chemicals industry, a large consumer of Natural Gas, is rebounding for the third month running.Price pressures remain low in the forward looking survey, but there are signs of a stabilization/rebound.EUR-flation is likely to bottom below 2%, but price pressures could re-emerge already during the spring according to the Ifo Survey.

Ifo Watch: Signs of Disinflation Bottoming Out in Germany?

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>FX Market Update—The USD is trading firmly, but a little off its best levels, ahead of this morning’s data releases.</li><li>Stocks are soft on weak earnings data while a brief incursion into Gaza by the Israeli army overnight added to market anxiety.</li><li>Bonds are little changed, however, and crude oil has drifted a bit while G-10 commodity FX is outperforming, if only very modestly, so the risk off narrative does not fully explain intraday developments on the face of it.</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 firmly, but a little off its best levels, ahead of this morning’s data releases.Stocks are soft on weak earnings data while a brief incursion into Gaza by the Israeli army overnight added to market anxiety.Bonds are little changed, however, and crude oil has drifted a bit while G-10 commodity FX is outperforming, if only very modestly, so the risk off narrative does not fully explain intraday developments on the face of it.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—After falling sharply at the start of the week, the USD is rebounding strongly and is trading higher against all its major currency peers on the session.</li><li>Weak risk appetite seems to be driving broad USD gains though European stocks and US equity futures are off earlier session lows.</li><li>Soft US tech earnings last night are weighing on sentiment but the bounce in the USD seems to overstate the general mood in markets. </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—After falling sharply at the start of the week, the USD is rebounding strongly and is trading higher against all its major currency peers on the session.Weak risk appetite seems to be driving broad USD gains though European stocks and US equity futures are off earlier session lows.Soft US tech earnings last night are weighing on sentiment but the bounce in the USD seems to overstate the general mood in markets. 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 Gains on Soft Risk Mood, CAD Soft Ahead of BoC

<ul><li>We are revising our forecasts for the major currencies along with updated economic forecasts (see tables on page 3 and here for the Forecast Update).</li><li>The weakness in the USD that we expected to develop over the second half of the year has not materialized.</li><li>Firm US economic data drove expectations that the Fed could deliver a little more tightening—and hold interest rates high for longer—allowing the USD to stay elevated.</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.

We are revising our forecasts for the major currencies along with updated economic forecasts (see tables on page 3 and here for the Forecast Update).The weakness in the USD that we expected to develop over the second half of the year has not materialized.Firm US economic data drove expectations that the Fed could deliver a little more tightening—and hold interest rates high for longer—allowing the USD to stay elevated.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—Markets are generally steadier after yesterday’s swings. Global stocks are mostly positive and US equity futures are in the green.</li><li>Major bond markets are adding to yesterday’s gains but US Treasurys are little changed.</li><li>The USD is trading mixed versus its major currency peers but has edged off the early session low atter European FX weakened on softer data. </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—Markets are generally steadier after yesterday’s swings. Global stocks are mostly positive and US equity futures are in the green.Major bond markets are adding to yesterday’s gains but US Treasurys are little changed.The USD is trading mixed versus its major currency peers but has edged off the early session low atter European FX weakened on softer data. 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 Steadies as EUR Slips on Soft PMI Data

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

EURO/US DOLLAR (EURUSD CURNCY)

Ifo Watch: Signs of Disinflation Bottoming Out in Germany?

Takeaways: Some very gloomy signs in the IFO survey details with Capital Goods production expectations nose-diving in a recessionary fashion

Steno Research

FX Daily - USD Firm Ahead of GDP Data

tocks are soft on weak earnings data while a brief incursion into Gaza by the Israeli army overnight added to market anxiety.

Scotiabank

FX Daily - USD Gains on Soft Risk Mood, CAD Soft Ahead of BoC

FX Market Update—After falling sharply at the start of the week, the USD is rebounding strongly and is trading higher against all its major...

Scotiabank

FX Forecast Update—October 2023

Firm US economic data drove expectations that the Fed could deliver a little more tightening—and hold interest rates high for longer—allowing the...

Scotiabank

FX Daily - USD Steadies as EUR Slips on Soft PMI Data

FX Market Update—Markets are generally steadier after yesterday’s swings. Global stocks are mostly positive and US equity futures are in the green.

Scotiabank

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)