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>CFTC data for the week through December 10 reflects a small improvement in overall USD bullish sentiment.</li><li>Aggregate net Non-Commercial USD longs versus the major currencies we cover in this report rose USD1.5bn to USD24.3bn.</li><li>Additional data shows Real Money (institutional) traders cut their small net USD long from the prior week back to zero while Leveraged (hedge fund) traders boosted net USD longs by about USD2bn to USD10.5bn. </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.

CFTC data for the week through December 10 reflects a small improvement in overall USD bullish sentiment.Aggregate net Non-Commercial USD longs versus the major currencies we cover in this report rose USD1.5bn to USD24.3bn.Additional data shows Real Money (institutional) traders cut their small net USD long from the prior week back to zero while Leveraged (hedge fund) traders boosted net USD longs by about USD2bn to USD10.5bn. 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.

Weekly CFTC Sentiment Data - USD Bull Sentiment Strengthens

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>At its meeting today, Danmarks Nationalbank, as expected, chose to overshadow the ECB's decision to lower interest rates by a further 0.25%-points to 2.6%.</li><li>This was the fourth interest rate cut by Danmarks Nationalbank this year, and the interest rate differential with the ECB is maintained at 0.4%-points.</li><li>This is because the krone exchange rate is unusually calm.</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.

At its meeting today, Danmarks Nationalbank, as expected, chose to overshadow the ECB's decision to lower interest rates by a further 0.25%-points to 2.6%.This was the fourth interest rate cut by Danmarks Nationalbank this year, and the interest rate differential with the ECB is maintained at 0.4%-points.This is because the krone exchange rate is unusually calm.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.

Danmarks Nationalbank lowers interest rates

<ul><li>The latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December, with traders perhaps lacking the motivation to adjust exposures after the Thanksgiving break.</li><li>Aggregate long USD positioning among Non-Commercial (speculative) accounts fell USD498mn over the week to USD22.8bn—after holding steady at USD23.3bn over the prior two weeks.</li><li>Additional data shows Leveraged traders (hedge funds) adding about USD1.5bn to net long USD positions, taking exposure up to USD8.5bn, while Institutional (real money) traders doubled net long USDs to USD3bn.</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 snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December, with traders perhaps lacking the motivation to adjust exposures after the Thanksgiving break.Aggregate long USD positioning among Non-Commercial (speculative) accounts fell USD498mn over the week to USD22.8bn—after holding steady at USD23.3bn over the prior two weeks.Additional data shows Leveraged traders (hedge funds) adding about USD1.5bn to net long USD positions, taking exposure up to USD8.5bn, while Institutional (real money) traders doubled net long USDs to USD3bn.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.

Weekly CFTC Sentiment Report - USD Sentiment/Positioning Stable

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.

<ul><li>Happy Thursday, and welcome to our weekly positioning watch, brought to you just before the crucial NFP report tomorrow.</li><li>From what we see across markets, it looks like participants are starting to take risk off the table in equity space ahead of the report.</li><li>Markets have struggled this week to settle on a clear narrative for USD assets, especially USD rates.</li></ul>

Happy Thursday, and welcome to our weekly positioning watch, brought to you just before the crucial NFP report tomorrow.From what we see across markets, it looks like participants are starting to take risk off the table in equity space ahead of the report.Markets have struggled this week to settle on a clear narrative for USD assets, especially USD rates.

Positioning Watch – Markets have NOT been Ready for Growth to Weaken in the US

<ul><li>In Germany, “debt hawks” are slowly but surely waking up to the reality of their manufacturing industry being brought to its knees.</li><li>In Angela Merkel’s recent book, she pleads for a softer stance on the debt brake, and the political landscape in Germany seems to be softening on the “Schwarze Null” in general, with also the Buba member Nagel now advocating for a softer stance.</li><li>The future government would need a two-thirds majority in the Bundestag and Bundesrat to change the debt brake.</li></ul>

In Germany, “debt hawks” are slowly but surely waking up to the reality of their manufacturing industry being brought to its knees.In Angela Merkel’s recent book, she pleads for a softer stance on the debt brake, and the political landscape in Germany seems to be softening on the “Schwarze Null” in general, with also the Buba member Nagel now advocating for a softer stance.The future government would need a two-thirds majority in the Bundestag and Bundesrat to change the debt brake.

Europe Flash Watch – The German 2025 bazooka!

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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Weekly CFTC Sentiment Data - USD Bull Sentiment Strengthens

Speculative traders moved in different directions on the major currencies. They boosted net JPY longs USD1.9bn and lifted net GBP longs by USD634mn.

Scotiabank

Danmarks Nationalbank lowers interest rates

At its meeting today, Danmarks Nationalbank, as expected, chose to overshadow the ECB's decision to lower interest rates by a further 0.25%-points...

Nordea

Weekly CFTC Sentiment Report - USD Sentiment/Positioning Stable

The latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December

Scotiabank

Positioning Watch – Markets have NOT been Ready for Growth to Weaken in the US

Happy Thursday, and welcome to our weekly positioning watch, brought to you just before the crucial NFP report tomorrow. From what we see across...

Steno Research

Europe Flash Watch – The German 2025 bazooka!

In Germany, “debt hawks” are slowly but surely waking up to the reality of their manufacturing industry being brought to its knees. In Angela...

Steno Research

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