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 USD’s July rebound has extended further than we expected.</li><li>The DXY rose every day in July through yesterday, an unusually persistent string of net gains which, if the July 4th is included, stretched to 11 sessions.</li><li>Typically, developed market currency moves rarely extend for more than 10-12 sessions (up or down) before a consolidation or reversal develops. </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 USD’s July rebound has extended further than we expected.The DXY rose every day in July through yesterday, an unusually persistent string of net gains which, if the July 4th is included, stretched to 11 sessions.Typically, developed market currency moves rarely extend for more than 10-12 sessions (up or down) before a consolidation or reversal develops. 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.

FX Snapshot - USD Rebound May Stall on Fed Chair Volatility

<ul><li>We’ve recently received a number of questions on the topic of stablecoins and attention has intensified with the kickoff of ‘Crypto Week’ in the US.</li><li>This week’s congressional legislative agenda includes a pair of stablecoin bills, the STABLE (Stablecoin Transparency and Accountability for a Better Ledger Economy) GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Acts of 2025.</li><li>Lawmakers are advancing these bills in the hopes of establishing a federal regulatory framework for digital assets, and specifically stablecoins. </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’ve recently received a number of questions on the topic of stablecoins and attention has intensified with the kickoff of ‘Crypto Week’ in the US.This week’s congressional legislative agenda includes a pair of stablecoin bills, the STABLE (Stablecoin Transparency and Accountability for a Better Ledger Economy) GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Acts of 2025.Lawmakers are advancing these bills in the hopes of establishing a federal regulatory framework for digital assets, and specifically stablecoins. 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.

FX Snapshot - USD Implications Of US Stablecoin Legislation

<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

<ul><li>The aggregate USD short position narrowed $1.8bn in the week ended July 1, softening modestly to $18.3bn.</li><li>The bearish position is at the wider end of its multiyear range, but still well shy of the extended levels reached in 2020/2021.</li><li>Individual currency positioning adjustments were modest overall, favoring the USD while the AUD and NZD positions were left unchanged. </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 $1.8bn in the week ended July 1, softening modestly to $18.3bn.The bearish position is at the wider end of its multiyear range, but still well shy of the extended levels reached in 2020/2021.Individual currency positioning adjustments were modest overall, favoring the USD while the AUD and NZD positions were left unchanged. 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 - Aggregate Bearish USD Position Holds Steady In Holiday Week

<ul><li>We held a client call at the end of last week to discuss the developing outlook for the USD and to reiterate our view that the USD sell-off could accelerate in the coming months.</li><li>A link to a replay of the call can be found here if you were unable to participate The USD has already fallen significantly this year and the dollar index (DXY) has experienced its worst H1 performance (falling just under 11%) since the 1970s.</li><li>The run lower in the USD for six consecutive months matches its worst run of losses since 2017. </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 held a client call at the end of last week to discuss the developing outlook for the USD and to reiterate our view that the USD sell-off could accelerate in the coming months.A link to a replay of the call can be found here if you were unable to participate The USD has already fallen significantly this year and the dollar index (DXY) has experienced its worst H1 performance (falling just under 11%) since the 1970s.The run lower in the USD for six consecutive months matches its worst run of losses since 2017. 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.

FX Snapshot - Client Call Recap—More USD Losses Ahead

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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FX Snapshot - USD Rebound May Stall on Fed Chair Volatility

The DXY rose every day in July through yesterday, an unusually persistent string of net gains which, if the July 4th is included, stretched to 11...

Scotiabank

FX Snapshot - USD Implications Of US Stablecoin Legislation

We’ve recently received a number of questions on the topic of stablecoins and attention has intensified with the kickoff of ‘Crypto Week’ in the US.

Scotiabank

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

CFTC Weekly Sentiment Report - Aggregate Bearish USD Position Holds Steady In Holiday Week

The bearish position is at the wider end of its multiyear range, but still well shy of the extended levels reached in 2020/2021.

Scotiabank

FX Snapshot - Client Call Recap—More USD Losses Ahead

We held a client call at the end of last week to discuss the developing outlook for the USD and to reiterate our view that the USD sell-off could...

Scotiabank

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