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 aggregate speculative bearish USD position more than doubled in the week ended April 15, widening nearly $6bn to a net short $10.1bn.</li><li>The bulk of this week’s adjustments were observed in the JPY and CAD, with positive improvements in EUR also contributing to the USD’s (sentiment) losses (table below, p1).</li><li>Digging deeper, Real Money (instutional) investors continue to represent the bulk of the bearish USD position.</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 speculative bearish USD position more than doubled in the week ended April 15, widening nearly $6bn to a net short $10.1bn.The bulk of this week’s adjustments were observed in the JPY and CAD, with positive improvements in EUR also contributing to the USD’s (sentiment) losses (table below, p1).Digging deeper, Real Money (instutional) investors continue to represent the bulk of the bearish USD position.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 - CAD Bears Vulnerable to Short Squeeze As JPY Bulls Build On Large Longs

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>JCI continued its relief rally, up 2.8% w-w, in line with regional peers.</li><li>Metal sectors (+14% w-w) outperformed, despite the ratification of new royalty scheme by the government (i.e., negative impact for earnings).</li><li>Meanwhile, we also noted outperformance by the laggard sectors such as Cement (+12% ww), Telco (+10% w-w), Infra (+9% w-w), Coal, Property (+8% w-w), indicating that investors have started to search for value within the market. </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.

JCI continued its relief rally, up 2.8% w-w, in line with regional peers.Metal sectors (+14% w-w) outperformed, despite the ratification of new royalty scheme by the government (i.e., negative impact for earnings).Meanwhile, we also noted outperformance by the laggard sectors such as Cement (+12% ww), Telco (+10% w-w), Infra (+9% w-w), Coal, Property (+8% w-w), indicating that investors have started to search for value within the market. 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.

BRIDS Market Pulse: Chart of the Week - Cooper Price Vs. USD

<ul><li>After a couple of weeks of indecisive positioning, CFTC data for the week through April 8 showed a more obvious shift in Non-Commercial (speculative) traders’ sentiment against the USD.</li><li>Aggregate net USD shorts increased USD5.5bn, taking the prior week’s small, speculative net USD long to the biggest bear punt on the USD in six months.</li><li>The change in sentiment was reflected in positioning among Real Money (institutional) and Leveraged (hedge fund) traders as well. </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.

After a couple of weeks of indecisive positioning, CFTC data for the week through April 8 showed a more obvious shift in Non-Commercial (speculative) traders’ sentiment against the USD.Aggregate net USD shorts increased USD5.5bn, taking the prior week’s small, speculative net USD long to the biggest bear punt on the USD in six months.The change in sentiment was reflected in positioning among Real Money (institutional) and Leveraged (hedge fund) traders as well. 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 Weakens, JPY Bullish Mood Builds

Macroeconomics

<ul><li>Volatility starts to ease, though not yet out of the woods. As of 12th Apr25, Trump’s latest escalation (i.e., pushing U.S. tariffs on Chinese imports to 145%) and China’s response (raising tariffs on U.S. goods to 125%) have kept VIX at 30-40, but down from 55 on 7th Apr25.</li><li>Overall, Trump’s pause, latest exemptions, and China’s latest rhetoric to “not go higher” hint that both sides may see diminishing returnsfrom the tariffs retaliations and signal a possible negotiation.</li><li>Nonetheless, we think uncertainty remains and volatility could persist (VIX at 30-40) unless there is a concrete deal.</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.

Volatility starts to ease, though not yet out of the woods. As of 12th Apr25, Trump’s latest escalation (i.e., pushing U.S. tariffs on Chinese imports to 145%) and China’s response (raising tariffs on U.S. goods to 125%) have kept VIX at 30-40, but down from 55 on 7th Apr25.Overall, Trump’s pause, latest exemptions, and China’s latest rhetoric to “not go higher” hint that both sides may see diminishing returnsfrom the tariffs retaliations and signal a possible negotiation.Nonetheless, we think uncertainty remains and volatility could persist (VIX at 30-40) unless there is a concrete deal.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.

BRIDS Market Pulse: Chart of the Week – USD Vs. Gold

<ul><li>Speculative sentiment towards the USD improved in the week through April 1, the first positive shift in Non-Commercial (speculative) accounts’ positioning in the USD in ten weeks.</li><li>Overall speculative positioning showed a near USD4bn swing in aggregate in favour of the USD over the most recent week’s data, likely reflecting investor caution around tariff news.</li><li>Additional data shows Real Money (institutional) traders were a little less negative on the USD overall as well, paring net USD shorts USD2bn or so to USD21.bn. </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.

Speculative sentiment towards the USD improved in the week through April 1, the first positive shift in Non-Commercial (speculative) accounts’ positioning in the USD in ten weeks.Overall speculative positioning showed a near USD4bn swing in aggregate in favour of the USD over the most recent week’s data, likely reflecting investor caution around tariff news.Additional data shows Real Money (institutional) traders were a little less negative on the USD overall as well, paring net USD shorts USD2bn or so to USD21.bn. 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 - Speculative Traders Edge Back to the USD

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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EURO/US DOLLAR (EURUSD CURNCY)

CFTC - CAD Bears Vulnerable to Short Squeeze As JPY Bulls Build On Large Longs

The aggregate speculative bearish USD position more than doubled in the week ended April 15, widening nearly $6bn to a net short $10.1bn.

Scotiabank

BRIDS Market Pulse: Chart of the Week - Cooper Price Vs. USD

Metal sectors (+14% w-w) outperformed, despite the ratification of new royalty scheme by the government (i.e., negative impact for earnings).

BRI Danareksa Research

Weekly CFTC Sentiment Report - USD Sentiment Weakens, JPY Bullish Mood Builds

After a couple of weeks of indecisive positioning, CFTC data for the week through April 8 showed a more obvious shift in Non-Commercial...

Scotiabank

BRIDS Market Pulse: Chart of the Week – USD Vs. Gold

As of 12th Apr25, Trump’s latest escalation (i.e., pushing U.S. tariffs on Chinese imports to 145%) and China’s response (raising tariffs on U.S....

BRI Danareksa Research

Weekly CFTC Sentiment Report - Speculative Traders Edge Back to the USD

Speculative sentiment towards the USD improved in the week through April 1, the first positive shift in Non-Commercial (speculative) accounts’...

Scotiabank

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)