External broker reports(aggregated public sources), Scotiabank

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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 USD is stronger overall, supported by rising US yields (10s touched 4.98% earlier) and weaker global stocks following a tumble (2%+) in Chinese equities earlier.</li><li>The EUR, CHF and the JPY are all holding very minor gains on the session, with high beta FX underperforming, however.</li><li>The JPY’s stability looks a little curious considering its sensitivity to US yields recently but broader USD (DXY) gains are looking a bit stretched relative to fair value based on short-term spreads alone, suggesting the primary driver of USD appreciation is coming from geo-political/market risk influences. </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 USD is stronger overall, supported by rising US yields (10s touched 4.98% earlier) and weaker global stocks following a tumble (2%+) in Chinese equities earlier.The EUR, CHF and the JPY are all holding very minor gains on the session, with high beta FX underperforming, however.The JPY’s stability looks a little curious considering its sensitivity to US yields recently but broader USD (DXY) gains are looking a bit stretched relative to fair value based on short-term spreads alone, suggesting the primary driver of USD appreciation is coming from geo-political/market risk influences. 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 Daily - USD Firmer on Yields, Risk Aversion

<ul><li>FX Market Update—The USD is trading mixed to a little firmer in broad terms but FX movement is limited among the core currencies as investors grapple with uncertainty across a number of fronts.</li><li>The USD’s failures to advance on the back of stronger than expected data and higher yields yesterday supports the impression that choppy—but essentially flat—trading in the DXY since late September reflects “late cycle” activity as investors consider the peak of the Fed tightening cycle and the peak in the US economy.</li><li>The lid on the DXY rally in the low 107 area is looking a little more solid.</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.

FX Market Update—The USD is trading mixed to a little firmer in broad terms but FX movement is limited among the core currencies as investors grapple with uncertainty across a number of fronts.The USD’s failures to advance on the back of stronger than expected data and higher yields yesterday supports the impression that choppy—but essentially flat—trading in the DXY since late September reflects “late cycle” activity as investors consider the peak of the Fed tightening cycle and the peak in the US economy.The lid on the DXY rally in the low 107 area is looking a little more solid.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.

<ul><li>FX Market Update—The USD is trading firmer overall but the “market-weighted” DXY is trading off its earlier highs ahead of the North American session and effectively continues to consolidate within the October trading range.</li><li>Risk appetite has softened somewhat as investors focus on developments in Israel/Gaza. President Biden plans to visit Israel tomorrow.</li><li>European stocks and US equity futures are steady to lower but bonds have weakened. </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.

FX Market Update—The USD is trading firmer overall but the “market-weighted” DXY is trading off its earlier highs ahead of the North American session and effectively continues to consolidate within the October trading range.Risk appetite has softened somewhat as investors focus on developments in Israel/Gaza. President Biden plans to visit Israel tomorrow.European stocks and US equity futures are steady to lower but bonds have weakened. 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 Daily - USD Edges Higher, CAD Slips Ahead of CPI

<ul><li>The USD is trading firmly but is off earlier highs on the session as US yields help shape FX trends.</li><li>Slightly firmer than expected PPI figures Friday gave US yields some additional lift before markets slipped modestly on the back of weaker inflation expectations in the U. Michigan data.</li><li>USD sentiment appears to be improving somewhat; Friday’s CFTC data showed some reduction in overall short USD positioning, mainly reflecting a large-ish reduction in net EUR longs over the week. </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 USD is trading firmly but is off earlier highs on the session as US yields help shape FX trends.Slightly firmer than expected PPI figures Friday gave US yields some additional lift before markets slipped modestly on the back of weaker inflation expectations in the U. Michigan data.USD sentiment appears to be improving somewhat; Friday’s CFTC data showed some reduction in overall short USD positioning, mainly reflecting a large-ish reduction in net EUR longs over the week. 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 Daily - USD Firm but Off Early High in Quiet Trade

Macroeconomics

<ul><li>Broader bearish USD sentiment has moderated somewhat, the latest positioning data from the CFTC shows.</li><li>Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD versus the major currencies back to USD15.8bn.</li><li>Data shows that Real Money Accounts trimmed their overall short USD position USD2.4bn to USD38.9bn over the week while Leveraged Accounts lifted their (modest) short USD position by USD2.5bn to USD4.8bn.</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 bearish USD sentiment has moderated somewhat, the latest positioning data from the CFTC shows.Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD versus the major currencies back to USD15.8bn.Data shows that Real Money Accounts trimmed their overall short USD position USD2.4bn to USD38.9bn over the week while Leveraged Accounts lifted their (modest) short USD position by USD2.5bn to USD4.8bn.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 USD Sentiment Moderates

Japan

The Japanese yen is the official currency of Japan. 

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JPY (USDJPY CURNCY)

FX Daily - USD Firmer on Yields, Risk Aversion

The USD is stronger overall, supported by rising US yields (10s touched 4.98% earlier) and weaker global stocks following a tumble (2%+) in Chinese...

Scotiabank

FX Daily - USD Mixed Amid Uncertainty

FX Market Update—The USD is trading mixed to a little firmer in broad terms but FX movement is limited among the core currencies as investors...

Scotiabank

FX Daily - USD Edges Higher, CAD Slips Ahead of CPI

Risk appetite has softened somewhat as investors focus on developments in Israel/Gaza. President Biden plans to visit Israel tomorrow.

Scotiabank

FX Daily - USD Firm but Off Early High in Quiet Trade

Slightly firmer than expected PPI figures Friday gave US yields some additional lift before markets slipped modestly on the back of weaker...

Scotiabank

Weekly CFTC Sentiment Report - Bearish USD Sentiment Moderates

Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD

Scotiabank

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