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 USD short widened a notable $2.1bn in the week ended September 9, reaching $7.2bn in a reporting period that captured the US/Canada jobs disappointments and the media reporting of the BoJ’s intention to resume tightening by year end.</li><li>The largest w/w swings were observed in JPY and EUR, as both net longs increased. The CHF short widened modestly, and all of the remaining currencies saw there positions remain largely unchanged w/w.</li><li>The EUR remains the largest net long, followed by JPY, with MXN a distant third. </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 a notable $2.1bn in the week ended September 9, reaching $7.2bn in a reporting period that captured the US/Canada jobs disappointments and the media reporting of the BoJ’s intention to resume tightening by year end.The largest w/w swings were observed in JPY and EUR, as both net longs increased. The CHF short widened modestly, and all of the remaining currencies saw there positions remain largely unchanged w/w.The EUR remains the largest net long, followed by JPY, with MXN a distant third. 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 Sees Massive Speculative Swing On BoJ Tightening Report

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul><li>Recent macro data has been robust, leading to upward revisions in growth forecasts</li><li>Fed expected to resume easing in September due to weakening US jobs market</li><li>Market pricing in further cuts for Norges Bank and Riksbank, with potential opportunities in NIBOR Euro spreads and Riksbank easing probabilities</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Recent macro data has been robust, leading to upward revisions in growth forecastsFed expected to resume easing in September due to weakening US jobs marketMarket pricing in further cuts for Norges Bank and Riksbank, with potential opportunities in NIBOR Euro spreads and Riksbank easing probabilitiesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Cross Asset Strategy

<ul><li>Steepening of the 530s treasury curve globally is at historically high levels, driven by different factors in the US, Europe, and the UK</li><li>US curve steepness is reflective of repricing of additional Fed easing, while Europe's steepening is technical and related to Dutch pension fund transitions</li><li>Market hesitancy to fade the steepness due to ongoing technical flows in Europe and front-end driven steepening in the US, with uncertainty surrounding terminal rates in both regions</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Steepening of the 530s treasury curve globally is at historically high levels, driven by different factors in the US, Europe, and the UKUS curve steepness is reflective of repricing of additional Fed easing, while Europe's steepening is technical and related to Dutch pension fund transitionsMarket hesitancy to fade the steepness due to ongoing technical flows in Europe and front-end driven steepening in the US, with uncertainty surrounding terminal rates in both regionsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX and Rates: Yield curve steepening, payrolls and FX hedge ratios

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.

Macroeconomics

<ul><li>We hope everyone has enjoyed the summer! Since our last publication, the EUR, SEK &amp; NOK XCCY basis curves have all flattened driven by higher front levels and to some extent lower levels further out the curve with the tipping point around the 5y area.</li><li>The largest cross boarder issuers are ahead of plans, closing in on YTD funding targets.</li><li>Thus, unless we see changes to funding targets we expect less demand for paying EURUSD XCCY basis towards year-end. </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 hope everyone has enjoyed the summer! Since our last publication, the EUR, SEK &amp; NOK XCCY basis curves have all flattened driven by higher front levels and to some extent lower levels further out the curve with the tipping point around the 5y area.The largest cross boarder issuers are ahead of plans, closing in on YTD funding targets.Thus, unless we see changes to funding targets we expect less demand for paying EURUSD XCCY basis towards year-end. 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(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.

<ul><li>We maintain our view that 2H25 earnings growth should strengthen, though the key risk remains with foreign outflows.</li><li>Domestic funds remained OW in Banks, Consumers and Auto in Aug25, while adding exposures into Petrochem, Auto and Property sectors.</li><li>Amid still-muted domestic catalysts, we reiterate Metals as our third sector preference, with BRMS and INCO as our top picks.</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 maintain our view that 2H25 earnings growth should strengthen, though the key risk remains with foreign outflows.Domestic funds remained OW in Banks, Consumers and Auto in Aug25, while adding exposures into Petrochem, Auto and Property sectors.Amid still-muted domestic catalysts, we reiterate Metals as our third sector preference, with BRMS and INCO as our top picks.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.

Equity Strategy: Market Jitters, Metals Glitter

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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CFTC Weekly Sentiment Report - JPY Sees Massive Speculative Swing On BoJ Tightening Report

The aggregate USD short widened a notable $2.1bn in the week ended September 9, reaching $7.2bn in a reporting period that captured the US/Canada...

Scotiabank

Global Rates: Scandi Rates Outlook

Recent macro data has been strong, leading to upward growth forecasts, while the US job market weakens, increasing expectations for Fed easing in...

At Any Rate

Global FX and Rates: Yield curve steepening, payrolls and FX hedge ratios

The steepness in bond curves across the US, Europe, and UK has deepened due to various drivers, making it challenging to fade the steepness in the...

At Any Rate

Nordea XCCY Publication: Q3-2025

We hope everyone has enjoyed the summer! Since our last publication, the EUR, SEK & NOK XCCY basis curves have all flattened driven by higher front...

Nordea

Equity Strategy: Market Jitters, Metals Glitter

Amid still-muted domestic catalysts, we reiterate Metals as our third sector preference, with BRMS and INCO as our top picks.

BRI Danareksa Research

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