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>Broader dollar bearishness moderated again through late May, according to the latest snapshot of market sentiment, reflected in the CFTC data.</li><li>IMM-based Non-Commercial (speculative) traders cut net USD shorts by a sizeable USD4.2bn on aggregate in the week through May 20th, extending the USD short-covering trend seen in the prior week’s data.</li><li>Net speculative USD shorts were pinned back to USD12.3bn. Additional data shows Real Money (institutional) accounts paring their significant net USD shorts by USD1.5bn while Leveraged (hedge fund) traders cut modest USD shorts in half to just USD1.8bn.</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.

Broader dollar bearishness moderated again through late May, according to the latest snapshot of market sentiment, reflected in the CFTC data.IMM-based Non-Commercial (speculative) traders cut net USD shorts by a sizeable USD4.2bn on aggregate in the week through May 20th, extending the USD short-covering trend seen in the prior week’s data.Net speculative USD shorts were pinned back to USD12.3bn. Additional data shows Real Money (institutional) accounts paring their significant net USD shorts by USD1.5bn while Leveraged (hedge fund) traders cut modest USD shorts in half to just USD1.8bn.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 - Bearish CAD Sentiment Rises Sharply

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.

Macroeconomics

<ul><li>Global equities slightly lower last week: Japan -0.16%, World -1.84% Europe -1.86% and S&amp;P 500 -2.61%</li><li>Japan Sectors Performers: Non-Ferrous Metals +6.39%, Machinery Index +2.46%, Warehouse &amp; Transport +1.86%</li><li>JPY 5Y Rates were stable, ITRAXX Japan 5Y stable around 65 points</li></ul>

Global equities slightly lower last week: Japan -0.16%, World -1.84% Europe -1.86% and S&amp;P 500 -2.61%Japan Sectors Performers: Non-Ferrous Metals +6.39%, Machinery Index +2.46%, Warehouse &amp; Transport +1.86%JPY 5Y Rates were stable, ITRAXX Japan 5Y stable around 65 points

Weekly Macroeconomic Report (May 26th, 2025)

<ul><li>The latest CFTC futures positioning report captured investors’ sentiment as of May 13, representing positioning in the immediate aftermath of the US/China trade talks in Switzerland.</li><li>Overall, the w/w adjustments across most of the reporting currencies were minimal and included a build in the bullish net long EUR position and a widening of the net short CAD position as the net long JPY position was slightly reduced.</li><li>The aggregate USD short narrowed a modest $0.7bn on the week, to $16.5bn.</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.

The latest CFTC futures positioning report captured investors’ sentiment as of May 13, representing positioning in the immediate aftermath of the US/China trade talks in Switzerland.Overall, the w/w adjustments across most of the reporting currencies were minimal and included a build in the bullish net long EUR position and a widening of the net short CAD position as the net long JPY position was slightly reduced.The aggregate USD short narrowed a modest $0.7bn on the week, to $16.5bn.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.

CFTC Weekly Sentiment Report - Speculative Currency Positions Unchanged Post US/China Trade Talks

<ul><li>The latest CFTC futures positioning report captured investors’ sentiment as of May 6, the date of the Trump/Carney meeting and represented speculators’ bets ahead of the May 7 FOMC.</li><li>Overall, the w/w adjustments were remarkably small, with no major positioning changes across any of the reporting currencies leaving the aggregate net short USD position largely unchanged at $17.2bn.</li><li>The CAD net short remains the largest among the reporting currencies, at $5.1bn.</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 CFTC futures positioning report captured investors’ sentiment as of May 6, the date of the Trump/Carney meeting and represented speculators’ bets ahead of the May 7 FOMC.Overall, the w/w adjustments were remarkably small, with no major positioning changes across any of the reporting currencies leaving the aggregate net short USD position largely unchanged at $17.2bn.The CAD net short remains the largest among the reporting currencies, at $5.1bn.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 Made Few Changes Ahead of Last Week’s FOMC

<ul><li>The aggregate speculative bearish USD position has pushed deeper into negative territory, widening $3.1bn w/w to $17.0bn.</li><li>This week’s adjustments were relatively small overall, concentrated primarily in EUR with modest contributions from adjustments to MXN, NZD, and GBP as well.</li><li>The CAD and JPY positions were remarkably unchanged. The JPY position remains the largest held long against the USD, followed by 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 aggregate speculative bearish USD position has pushed deeper into negative territory, widening $3.1bn w/w to $17.0bn.This week’s adjustments were relatively small overall, concentrated primarily in EUR with modest contributions from adjustments to MXN, NZD, and GBP as well.The CAD and JPY positions were remarkably unchanged. The JPY position remains the largest held long against the USD, followed by 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 - USD Bear Bet Builds & Gold Long Tumbles

Japan

The Japanese yen is the official currency of Japan. 

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JPY (USDJPY CURNCY)

Weekly CFTC Sentiment Report - Bearish CAD Sentiment Rises Sharply

Broader dollar bearishness moderated again through late May, according to the latest snapshot of market sentiment, reflected in the CFTC data.

Scotiabank

Weekly Macroeconomic Report (May 26th, 2025)

Global equities slightly lower last week: Japan -0.16%, World -1.84% Europe -1.86% and S&P 500 -2.61% Japan Sectors Performers: Non-Ferrous...

Vantage Capital Markets Japan

CFTC Weekly Sentiment Report - Speculative Currency Positions Unchanged Post US/China Trade Talks

The latest CFTC futures positioning report captured investors’ sentiment as of May 13, representing positioning in the immediate aftermath of the...

Scotiabank

CFTC Weekly Sentiment Report - Speculators Made Few Changes Ahead of Last Week’s FOMC

The latest CFTC futures positioning report captured investors’ sentiment as of May 6, the date of the Trump/Carney meeting and represented...

Scotiabank

CFTC Weekly Sentiment Report - USD Bear Bet Builds & Gold Long Tumbles

This week’s adjustments were relatively small overall, concentrated primarily in EUR with modest contributions from adjustments to MXN, NZD, and...

Scotiabank

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