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 latest CFTC futures positioning report captured investors’ sentiment as of May 13, representing positioning in the immediate aftermath of the US/China trade talks in Switzerland.</li><li>Overall, the w/w adjustments across most of the reporting currencies were minimal and included a build in the bullish net long EUR position and a widening of the net short CAD position as the net long JPY position was slightly reduced.</li><li>The aggregate USD short narrowed a modest $0.7bn on the week, to $16.5bn.</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 latest CFTC futures positioning report captured investors’ sentiment as of May 13, representing positioning in the immediate aftermath of the US/China trade talks in Switzerland.Overall, the w/w adjustments across most of the reporting currencies were minimal and included a build in the bullish net long EUR position and a widening of the net short CAD position as the net long JPY position was slightly reduced.The aggregate USD short narrowed a modest $0.7bn on the week, to $16.5bn.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 Currency Positions Unchanged Post US/China Trade Talks

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

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.

Commodities

<ul><li>Greetings from Copenhagen.</li><li>We’ve previously advocated a long tilt toward commodities, as both the U.S. and global growth outlooks are being repriced amid the reopening of trade and the sudden realization that the U.S., China, and even Europe have collectively slammed the deficit accelerator—rather than the brakes.</li><li>Everywhere you look, countries are ramping up fiscal spending to cushion the blow of tariffs.</li></ul>

Greetings from Copenhagen.We’ve previously advocated a long tilt toward commodities, as both the U.S. and global growth outlooks are being repriced amid the reopening of trade and the sudden realization that the U.S., China, and even Europe have collectively slammed the deficit accelerator—rather than the brakes.Everywhere you look, countries are ramping up fiscal spending to cushion the blow of tariffs.

The Drill – The Commodity “Super”cycle

Macroeconomics

<ul><li>Morning from Copenhagen ahead of a big week.</li><li>I was coincidentally sitting in front of the screens when Moody’s announced its downgrade of the US late in the Friday session, and the timing was admittedly peculiar—with just 5–10 minutes left of futures trading before the closing bell.</li><li>Back in August 2023, when Fitch downgraded the US, it did spark a mild risk-off environment, with the long end of the yield curve continuing its upward trend.</li></ul>

Morning from Copenhagen ahead of a big week.I was coincidentally sitting in front of the screens when Moody’s announced its downgrade of the US late in the Friday session, and the timing was admittedly peculiar—with just 5–10 minutes left of futures trading before the closing bell.Back in August 2023, when Fitch downgraded the US, it did spark a mild risk-off environment, with the long end of the yield curve continuing its upward trend.

Steno Signals #197 – The Mood(Y)’s Is Bad in the Fiat

<ul>
<li>Greetings from Copenhagen.</li>
<li>The global macro landscape is shifting rapidly, with U.S. policy priorities evolving just as quickly.</li>
<li>The administration is now 1) refocusing on the Middle East, 2) signaling that a Ukraine–Russia deal is inching closer, and 3) initiating currency policy discussions with Asian nations—many of which are active FX manipulators.</li>
</ul>


Greetings from Copenhagen.
The global macro landscape is shifting rapidly, with U.S. policy priorities evolving just as quickly.
The administration is now 1) refocusing on the Middle East, 2) signaling that a Ukraine–Russia deal is inching closer, and 3) initiating currency policy discussions with Asian nations—many of which are active FX manipulators.


The Drill – When the Facts Change, So Do We

<ul><li>The latest CFTC futures positioning report captured investors’ sentiment as of May 6, the date of the Trump/Carney meeting and represented speculators’ bets ahead of the May 7 FOMC.</li><li>Overall, the w/w adjustments were remarkably small, with no major positioning changes across any of the reporting currencies leaving the aggregate net short USD position largely unchanged at $17.2bn.</li><li>The CAD net short remains the largest among the reporting currencies, at $5.1bn.</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 latest CFTC futures positioning report captured investors’ sentiment as of May 6, the date of the Trump/Carney meeting and represented speculators’ bets ahead of the May 7 FOMC.Overall, the w/w adjustments were remarkably small, with no major positioning changes across any of the reporting currencies leaving the aggregate net short USD position largely unchanged at $17.2bn.The CAD net short remains the largest among the reporting currencies, at $5.1bn.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 - Speculators Made Few Changes Ahead of Last Week’s FOMC

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 - Speculative Currency Positions Unchanged Post US/China Trade Talks

The latest CFTC futures positioning report captured investors’ sentiment as of May 13, representing positioning in the immediate aftermath of the...

Scotiabank

The Drill – The Commodity “Super”cycle

Greetings from Copenhagen. We’ve previously advocated a long tilt toward commodities, as both the U.S. and global growth outlooks are being...

Steno Research

Steno Signals #197 – The Mood(Y)’s Is Bad in the Fiat

Morning from Copenhagen ahead of a big week. I was coincidentally sitting in front of the screens when Moody’s announced its downgrade of the US...

Steno Research

The Drill – When the Facts Change, So Do We

Greetings from Copenhagen. The global macro landscape is shifting rapidly, with U.S. policy priorities evolving just as quickly. The...

Steno Research

CFTC Weekly Sentiment Report - Speculators Made Few Changes Ahead of Last Week’s FOMC

The latest CFTC futures positioning report captured investors’ sentiment as of May 6, the date of the Trump/Carney meeting and represented...

Scotiabank

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)