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>After a couple of weeks of indecisive positioning, CFTC data for the week through April 8 showed a more obvious shift in Non-Commercial (speculative) traders’ sentiment against the USD.</li><li>Aggregate net USD shorts increased USD5.5bn, taking the prior week’s small, speculative net USD long to the biggest bear punt on the USD in six months.</li><li>The change in sentiment was reflected in positioning among Real Money (institutional) and Leveraged (hedge fund) traders as well. </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.

After a couple of weeks of indecisive positioning, CFTC data for the week through April 8 showed a more obvious shift in Non-Commercial (speculative) traders’ sentiment against the USD.Aggregate net USD shorts increased USD5.5bn, taking the prior week’s small, speculative net USD long to the biggest bear punt on the USD in six months.The change in sentiment was reflected in positioning among Real Money (institutional) and Leveraged (hedge fund) traders as well. 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 Weakens, JPY Bullish Mood Builds

<ul><li>Speculative sentiment towards the USD improved in the week through April 1, the first positive shift in Non-Commercial (speculative) accounts’ positioning in the USD in ten weeks.</li><li>Overall speculative positioning showed a near USD4bn swing in aggregate in favour of the USD over the most recent week’s data, likely reflecting investor caution around tariff news.</li><li>Additional data shows Real Money (institutional) traders were a little less negative on the USD overall as well, paring net USD shorts USD2bn or so to USD21.bn. </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.

Speculative sentiment towards the USD improved in the week through April 1, the first positive shift in Non-Commercial (speculative) accounts’ positioning in the USD in ten weeks.Overall speculative positioning showed a near USD4bn swing in aggregate in favour of the USD over the most recent week’s data, likely reflecting investor caution around tariff news.Additional data shows Real Money (institutional) traders were a little less negative on the USD overall as well, paring net USD shorts USD2bn or so to USD21.bn. 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 - Speculative Traders Edge Back to the USD

Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Independent Financial Broker

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

Equity Derivatives

<ul><li>1M Implied volatility spiked 13.23 points to 35.6 as the Nikkei 225 index collapsed 9%.</li><li>High correlation to USDJPY is remaining elevated.</li><li>Nikkei 225 among the highest implied volatility globally with VIX.</li></ul>

1M Implied volatility spiked 13.23 points to 35.6 as the Nikkei 225 index collapsed 9%.High correlation to USDJPY is remaining elevated.Nikkei 225 among the highest implied volatility globally with VIX.

Nikkei Volatility Update (Mar 28th – Apr 4th)

<ul><li>Sentiment and positioning data continue to suggest a meaningful shift in broader market thinking on the outlook for the USD.</li><li>CFTC data for the week through to last Tuesday indicate a further move away from the USD.</li><li>Non-Commercial (speculative) accounts held a net USD short position (aggregated across the major currencies we monitor in this report) of USD1.7bn after initiating a minor net USD short in the prior week’s data. </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.

Sentiment and positioning data continue to suggest a meaningful shift in broader market thinking on the outlook for the USD.CFTC data for the week through to last Tuesday indicate a further move away from the USD.Non-Commercial (speculative) accounts held a net USD short position (aggregated across the major currencies we monitor in this report) of USD1.7bn after initiating a minor net USD short in the prior week’s data. 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 - Speculative Sentiment Shifts Against the USD

<ul><li>1M Implied volatility slightly up 0.49 at 22.35 as the Nikkei 225 index softens.</li><li>High correlation to USDJPY is remaining elevated.</li><li>Nikkei 225 implied volatility rich against realized but trading on its 3M average.</li></ul>

1M Implied volatility slightly up 0.49 at 22.35 as the Nikkei 225 index softens.High correlation to USDJPY is remaining elevated.Nikkei 225 implied volatility rich against realized but trading on its 3M average.

Nikkei Volatility Update (Mar 21st – Mar 28th)

Japan

The Japanese yen is the official currency of Japan. 

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Weekly CFTC Sentiment Report - USD Sentiment Weakens, JPY Bullish Mood Builds

After a couple of weeks of indecisive positioning, CFTC data for the week through April 8 showed a more obvious shift in Non-Commercial...

Scotiabank

Weekly CFTC Sentiment Report - Speculative Traders Edge Back to the USD

Speculative sentiment towards the USD improved in the week through April 1, the first positive shift in Non-Commercial (speculative) accounts’...

Scotiabank

Nikkei Volatility Update (Mar 28th – Apr 4th)

1M Implied volatility spiked 13.23 points to 35.6 as the Nikkei 225 index collapsed 9%. High correlation to USDJPY is remaining elevated.

Vantage Capital Markets Japan

Weekly CFTC Sentiment Report - Speculative Sentiment Shifts Against the USD

Sentiment and positioning data continue to suggest a meaningful shift in broader market thinking on the outlook for the USD.

Scotiabank

Nikkei Volatility Update (Mar 21st – Mar 28th)

1M Implied volatility slightly up 0.49 at 22.35 as the Nikkei 225 index softens. High correlation to USDJPY is remaining elevated.

Vantage Capital Markets Japan

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