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 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

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.

Cross Asset Strategy

<ul><li>Steepening of the 530s treasury curve globally is at historically high levels, driven by different factors in the US, Europe, and the UK</li><li>US curve steepness is reflective of repricing of additional Fed easing, while Europe's steepening is technical and related to Dutch pension fund transitions</li><li>Market hesitancy to fade the steepness due to ongoing technical flows in Europe and front-end driven steepening in the US, with uncertainty surrounding terminal rates in both regions</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Steepening of the 530s treasury curve globally is at historically high levels, driven by different factors in the US, Europe, and the UKUS curve steepness is reflective of repricing of additional Fed easing, while Europe's steepening is technical and related to Dutch pension fund transitionsMarket hesitancy to fade the steepness due to ongoing technical flows in Europe and front-end driven steepening in the US, with uncertainty surrounding terminal rates in both regionsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX and Rates: Yield curve steepening, payrolls and FX hedge ratios

<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

<ul><li>The aggregate USD short position widened a modest $1.6bn in the week ended August 19, with w/w improvements in all of the reporting currencies with the exception of CAD and AUD.</li><li>The net short GBP position narrowed $1.2bn and the net long EUR position rose $0.4bn.</li><li>The aggregate bear bet in the USD currently stands at $6.1bn, well shy of the extended $20bn short observed in late June. </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 widened a modest $1.6bn in the week ended August 19, with w/w improvements in all of the reporting currencies with the exception of CAD and AUD.The net short GBP position narrowed $1.2bn and the net long EUR position rose $0.4bn.The aggregate bear bet in the USD currently stands at $6.1bn, well shy of the extended $20bn short observed in late June. 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 Re-Established Bearish USD Positions Into Jackson Hole

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The British Pound Sterling is the official currency of The United Kingdom. 

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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 FX and Rates: Yield curve steepening, payrolls and FX hedge ratios

The steepness in bond curves across the US, Europe, and UK has deepened due to various drivers, making it challenging to fade the steepness in the...

At Any Rate

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

CFTC Weekly Sentiment Report - Speculators Re-Established Bearish USD Positions Into Jackson Hole

The aggregate USD short position widened a modest $1.6bn in the week ended August 19, with w/w improvements in all of the reporting currencies with...

Scotiabank

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