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 position narrowed a meaningful $3.2bn in the week ended July 22, achieving its first notable w/w improvement since early June.</li><li>The USD’s $14.3bn aggregate short position is now at the narrower end of its range since mid April, however the aggregate still obscures clear divergences in sentiment across each of the individual reporting currencies.</li><li>The bullish EUR position remains the largest of the net longs at $18.4bn and is roughly twice the size of the next largest bull bet, the $9.1bn JPY net long. </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 position narrowed a meaningful $3.2bn in the week ended July 22, achieving its first notable w/w improvement since early June.The USD’s $14.3bn aggregate short position is now at the narrower end of its range since mid April, however the aggregate still obscures clear divergences in sentiment across each of the individual reporting currencies.The bullish EUR position remains the largest of the net longs at $18.4bn and is roughly twice the size of the next largest bull bet, the $9.1bn JPY net long. 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 - GBP Net Long Collapses To Flat...

Podcast by Bilal Hafeez, Macro Hive

Macro Hive Conversations With Bilal Hafeez

Podcast by Bilal Hafeez

Macro Hive

We talk economics and markets with leading policymakers and investors.

Talking Economics and Markets

Macroeconomics

<ul><li>Brad Setzer is an expert in global trade, capital flows, and sovereign debt restructuring</li><li>He has been involved in various government positions related to international economic analysis</li><li>Setzer discusses the rapid rollout of tariffs under the Trump administration and their potential impact on the economy</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Brad Setzer is an expert in global trade, capital flows, and sovereign debt restructuringHe has been involved in various government positions related to international economic analysisSetzer discusses the rapid rollout of tariffs under the Trump administration and their potential impact on the economyThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Ep. 318: Brad Setser on Trump Tariffs, China’s Surging Surplus and Dollar Policy

Podcast Exploring Themes Driving Global Markets, Nomura - The Week Ahead

Nomura – The Week Ahead

Podcast Exploring Themes Driving Global Markets

Nomura - The Week Ahead

We explore the main themes that will drive global markets over the coming week, discussing the key market moving events and risks to keep on your radar.

<ul>
<li>David discusses US inflation outlook and sees signs of tariff-induced inflation, still maintains Fed cut only in December</li>
<li>Market reacts to potential firing of Chair Powell by Trump, unlikely due to short remaining term</li>
<li>Labor market and tariff-related inflation key factors in Fed decision-making, Fed cut pricing at only slightly higher than 50% for September</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


David discusses US inflation outlook and sees signs of tariff-induced inflation, still maintains Fed cut only in December
Market reacts to potential firing of Chair Powell by Trump, unlikely due to short remaining term
Labor market and tariff-related inflation key factors in Fed decision-making, Fed cut pricing at only slightly higher than 50% for September

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

<ul><li>The aggregate USD short position was largely unchanged in the week ended July 8, widening a marginal $0.3bn to $18.6bn.</li><li>The position is sizeable and remains close to the bearish end of the range since 2023, however it is still well shy of the extended levels reached in 2020/2021.</li><li>This week’s adjustments offered a continued divergence in EUR and JPY positioning as speculators added to their large bullish EUR positions while paring back their JPY longs. </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 position was largely unchanged in the week ended July 8, widening a marginal $0.3bn to $18.6bn.The position is sizeable and remains close to the bearish end of the range since 2023, however it is still well shy of the extended levels reached in 2020/2021.This week’s adjustments offered a continued divergence in EUR and JPY positioning as speculators added to their large bullish EUR positions while paring back their JPY longs. 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 - EUR Bulls Push Long To Fresh High

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>Discussion covers topics including dollar signals, $CNY fixes, tariffs, and observations on Swiss and sterling</li><li>Dollar remains bearish despite some systematic signals turning less bearish or even bullish</li><li>Client sentiment may be shifting tactically towards throwing in the towel on the bearish dollar trend due to technical patterns, but long-term view remains unchanged</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Discussion covers topics including dollar signals, $CNY fixes, tariffs, and observations on Swiss and sterlingDollar remains bearish despite some systematic signals turning less bearish or even bullishClient sentiment may be shifting tactically towards throwing in the towel on the bearish dollar trend due to technical patterns, but long-term view remains unchangedThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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 - GBP Net Long Collapses To Flat...

The aggregate USD short position narrowed a meaningful $3.2bn in the week ended July 22, achieving its first notable w/w improvement since early June.

Scotiabank

Ep. 318: Brad Setser on Trump Tariffs, China’s Surging Surplus and Dollar Policy

Brad Setzer, an expert in global trade and capital flows, did not anticipate the Trump administration's quick implementation of tariffs, which have...

Macro Hive Conversations With Bilal Hafeez

The Week Ahead – Signs of Tarifflation

Andrei Szczepanyak predicts Chair Powell will likely complete his term in Europe, while tariff threats on the EU and upcoming Japanese elections...

Nomura – The Week Ahead

CFTC Weekly Sentiment Report - EUR Bulls Push Long To Fresh High

This week’s adjustments offered a continued divergence in EUR and JPY positioning as speculators added to their large bullish EUR positions while...

Scotiabank

Global FX: Keeping the bearish USD view

The survey support is needed for discussion topics surrounding the less bearish dollar signals, recent $CNY fixes impacting dollar weakness,...

At Any Rate

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