External broker reports(aggregated public sources), Scotiabank

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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 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

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>The Federal Reserve is expected to ease interest rates by 50 basis points this year, aligning with a forecast of 100 basis points of easing by next January.</li><li>The Fed prioritizing its labor market mandate over its inflation target may lead to better growth and higher inflation outcomes next year.</li><li>The yield curve has been volatile but is currently fairly valued, with potential for steepening due to asymmetrically dovish reaction function and Fed independence considerations.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The Federal Reserve is expected to ease interest rates by 50 basis points this year, aligning with a forecast of 100 basis points of easing by next January.The Fed prioritizing its labor market mandate over its inflation target may lead to better growth and higher inflation outcomes next year.The yield curve has been volatile but is currently fairly valued, with potential for steepening due to asymmetrically dovish reaction function and Fed independence considerations.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Rates: Digging into a week of DM central bank decisions

<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

<ul><li>The speculative USD short was largely unchanged in the week leading up to Friday’s nonfarm payroll release, with the aggregate USD bear bet widening $0.7bn w/w to $9.1bn.</li><li>AUD saw the largest w/w swing with its net short narrowing an impressive $1.1bn w/w to $5.4bn.</li><li>In terms of negative swings, the JPY saw a notable $0.9bn narrowing in its gross long, with $0.5bn for EUR. </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 speculative USD short was largely unchanged in the week leading up to Friday’s nonfarm payroll release, with the aggregate USD bear bet widening $0.7bn w/w to $9.1bn.AUD saw the largest w/w swing with its net short narrowing an impressive $1.1bn w/w to $5.4bn.In terms of negative swings, the JPY saw a notable $0.9bn narrowing in its gross long, with $0.5bn for EUR. 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 - Speculative EUR And JPY Positions Are Vulnerable To A Breakout

<ul><li>Market pricing is not expecting a rate cut at the ECB September meeting, but further easing may still be on the table later in the year.</li><li>Swap spreads typically narrow in August, but this year they have been stable, potentially due to French political developments.</li><li>Seasonality and potential volatility could still drive narrowing in swap spreads in the near term, despite weakening relationships with German swap spreads.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Market pricing is not expecting a rate cut at the ECB September meeting, but further easing may still be on the table later in the year.Swap spreads typically narrow in August, but this year they have been stable, potentially due to French political developments.Seasonality and potential volatility could still drive narrowing in swap spreads in the near term, despite weakening relationships with German swap spreads.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Rates: Euro area and UK rate markets into the end of summer

United States

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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

Global Rates: Digging into a week of DM central bank decisions

The Federal Reserve is expected to ease interest rates by another 50 basis points this year, with forecasts aligning with three rate cuts totaling...

At Any Rate

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

CFTC Weekly Sentiment Report - Speculative EUR And JPY Positions Are Vulnerable To A Breakout

The speculative USD short was largely unchanged in the week leading up to Friday’s nonfarm payroll release, with the aggregate USD bear bet...

Scotiabank

Global Rates: Euro area and UK rate markets into the end of summer

Market participants are not expecting a rate cut at the ECB's September meeting, as the central bank's rhetoric has shifted towards a more hawkish...

At Any Rate

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