External broker reports(aggregated public sources), Mizuho

Mizuho

External broker reports(aggregated public sources)

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.

FX & Rates

<ul><li>USD/JPY rise gained momentum in July</li><li>Before the House of Councillors election, financial markets were focused on the possibility of a major defeat for the LDP and Komeito, leading to the resignation of the Ishiba administration and political instability</li><li>This was ruled out when Prime Minister Ishiba announced he would continue in office</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.

USD/JPY rise gained momentum in JulyBefore the House of Councillors election, financial markets were focused on the possibility of a major defeat for the LDP and Komeito, leading to the resignation of the Ishiba administration and political instabilityThis was ruled out when Prime Minister Ishiba announced he would continue in officeContent 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.

External broker reports(aggregated public sources), Scotiabank

Scotiabank

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.

<ul><li>The aggregate USD short position narrowed a meaningful $3.2bn in the week ended July 22, achieving its first notable w/w improvement since early June.</li><li>The USD’s $14.3bn aggregate short position is now at the narrower end of its range since mid April, however the aggregate still obscures clear divergences in sentiment across each of the individual reporting currencies.</li><li>The bullish EUR position remains the largest of the net longs at $18.4bn and is roughly twice the size of the next largest bull bet, the $9.1bn JPY net long. </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 a meaningful $3.2bn in the week ended July 22, achieving its first notable w/w improvement since early June.The USD’s $14.3bn aggregate short position is now at the narrower end of its range since mid April, however the aggregate still obscures clear divergences in sentiment across each of the individual reporting currencies.The bullish EUR position remains the largest of the net longs at $18.4bn and is roughly twice the size of the next largest bull bet, the $9.1bn JPY net long. 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.

GBP Net Long Collapses To Flat, Narrowing USD Short In Quiet Week

CFTC Weekly Sentiment Report - GBP Net Long Collapses To Flat...

<ul><li>USDJPY has rolled over from the upper end of its recent range and the balance of risk favors further near-term downside as we approach the next BoJ policy decision on July 31.</li><li>Recent events have paved the way for USDJPY weakness (JPY strength) following the successful conclusion of US/Japan trade negotiations and the passing of Japan’s upper house election on July 20, key risk events that had kept the BoJ on the sidelines as they waited to resume their policy tightening.</li><li>Japan’s upper house elections had been seen as a major impediment to US/Japan talks and their passing allowed for negotiators to resume discussions with their US counterparts. </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 has rolled over from the upper end of its recent range and the balance of risk favors further near-term downside as we approach the next BoJ policy decision on July 31.Recent events have paved the way for USDJPY weakness (JPY strength) following the successful conclusion of US/Japan trade negotiations and the passing of Japan’s upper house election on July 20, key risk events that had kept the BoJ on the sidelines as they waited to resume their policy tightening.Japan’s upper house elections had been seen as a major impediment to US/Japan talks and their passing allowed for negotiators to resume discussions with their US counterparts. 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 - USDJPY—Stay Bearish Into July 31 BoJ Meeting

<ul><li>The aggregate USD short position narrowed a marginal $1.1bn in the week ended July 15, moderating to $17.5bn.</li><li>The position is sizeable however it has remained largely unchanged over the past few months, holding close to the bearish end of its range since 2023 but well shy of the extended levels reached in 2020/2021.</li><li>The largest w/w adjustments were observed in EUR and JPY, maintaining recent trends and delivering a continued build in the bullish EUR position alongside an extension of the softening JPY long.</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 a marginal $1.1bn in the week ended July 15, moderating to $17.5bn.The position is sizeable however it has remained largely unchanged over the past few months, holding close to the bearish end of its range since 2023 but well shy of the extended levels reached in 2020/2021.The largest w/w adjustments were observed in EUR and JPY, maintaining recent trends and delivering a continued build in the bullish EUR position alongside an extension of the softening JPY long.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.

Bullish EUR Position Extends Climb As JPY Long Continues To Fall

Japan

The Japanese yen is the official currency of Japan. 

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JPY (USDJPY CURNCY)

Forex Medium-Term Outlook(Aug, 2025)

USD/JPY rise gained momentum in July. Before the House of Councillors election, financial markets were focused on the possibility of a major defeat...

Mizuho

GBP Net Long Collapses To Flat, Narrowing USD Short In Quiet Week

The aggregate USD short position narrowed a meaningful $3.2bn in the week ended July 22, achieving its first notable w/w improvement since early June.

Scotiabank

CFTC Weekly Sentiment Report - GBP Net Long Collapses To Flat...

The aggregate USD short position narrowed a meaningful $3.2bn in the week ended July 22, achieving its first notable w/w improvement since early June.

Scotiabank

FX Snapshot - USDJPY—Stay Bearish Into July 31 BoJ Meeting

USDJPY has rolled over from the upper end of its recent range and the balance of risk favors further near-term downside as we approach the next BoJ...

Scotiabank

Bullish EUR Position Extends Climb As JPY Long Continues To Fall

The position is sizeable however it has remained largely unchanged over the past few months, holding close to the bearish end of its range since...

Scotiabank

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