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>USDJPY appears poised to make a meaningful move lower.</li><li>Fundamentals are once again looking bullish for the yen with media reporting of a renewed sense of hawkishness at the BoJ.</li><li>Policymakers had paused their tightening cycle earlier this year, preferring to tread cautiously in an environment of trade policy uncertainty, bond market turbulence, and domestic political developments that included Japan’s upper house election in July. </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.

USDJPY appears poised to make a meaningful move lower.Fundamentals are once again looking bullish for the yen with media reporting of a renewed sense of hawkishness at the BoJ.Policymakers had paused their tightening cycle earlier this year, preferring to tread cautiously in an environment of trade policy uncertainty, bond market turbulence, and domestic political developments that included Japan’s upper house election in July. 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.

Downside Risk For USDJPY Targeting Near-Term Decline To 135-140 Area

External broker reports(aggregated public sources), Mizuho

Mizuho

Mizuho Bank is a leading global bank with one of the largest customer bases in Japan, and an extensive international network covering financial and business centers around the world. 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.

<ul><li>The dollar/yen pair is expected to slide in September</li><li>The pair was swayed by the contents of the Trump administration’s tariff policies after the tariffs came into force, but this trend will ease off in September, with attention instead focusing on US and Japanese monetary policy</li><li>There are growing fears that the employment situation is deteriorating in the US, with the FOMC likely to begin lowering rates again in September with a -25bp rate cut</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 dollar/yen pair is expected to slide in SeptemberThe pair was swayed by the contents of the Trump administration’s tariff policies after the tariffs came into force, but this trend will ease off in September, with attention instead focusing on US and Japanese monetary policyThere are growing fears that the employment situation is deteriorating in the US, with the FOMC likely to begin lowering rates again in September with a -25bp rate cutContent 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.

<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

<ul><li>The aggregate USD short position narrowed $2.5bn in the week ended August 12.</li><li>This was its fifth consecutive week of narrowing, and the current $4.6bn aggregate USD short position is a far cry from the extended (~$20bn) levels observed from mid June to mid July.</li><li>This week’s positioning adjustments remained broad, and were observed across most of the reporting currencies with notable changes in the CAD, JPY, and GBP positions. </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 $2.5bn in the week ended August 12.This was its fifth consecutive week of narrowing, and the current $4.6bn aggregate USD short position is a far cry from the extended (~$20bn) levels observed from mid June to mid July.This week’s positioning adjustments remained broad, and were observed across most of the reporting currencies with notable changes in the CAD, JPY, and GBP positions. 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 USD Short Continues To Narrow

<ul><li>The aggregate USD short position narrowed an impressive $4.3bn in the week ended August 5, its fourth consecutive week of narrowing.</li><li>The pace appears to be accelerating, and this week’s adjustment reflected USD-positive changes against all of the reporting currencies with the exception of MXN.</li><li>The aggregate USD short position is now at $7bn, a fraction of the $18.6bn position that represented the recent wides from early July. </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 an impressive $4.3bn in the week ended August 5, its fourth consecutive week of narrowing.The pace appears to be accelerating, and this week’s adjustment reflected USD-positive changes against all of the reporting currencies with the exception of MXN.The aggregate USD short position is now at $7bn, a fraction of the $18.6bn position that represented the recent wides from early July. 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 - USD Short Covering Accelerates As GBP Bear Bet Builds

Japan

The Japanese yen is the official currency of Japan. 

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Downside Risk For USDJPY Targeting Near-Term Decline To 135-140 Area

USDJPY appears poised to make a meaningful move lower. Fundamentals are once again looking bullish for the yen with media reporting of a renewed...

Scotiabank

Mizuho Dealer's Eye (Sep, 2025)

There are growing fears that the employment situation is deteriorating in the US, with the FOMC likely to begin lowering rates again in September...

Mizuho

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

CFTC Weekly Sentiment Report - Aggregate USD Short Continues To Narrow

This was its fifth consecutive week of narrowing, and the current $4.6bn aggregate USD short position is a far cry from the extended (~$20bn)...

Scotiabank

CFTC Weekly Sentiment Report - USD Short Covering Accelerates As GBP Bear Bet Builds

The aggregate USD short position narrowed an impressive $4.3bn in the week ended August 5, its fourth consecutive week of narrowing.

Scotiabank

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