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>Yesterday’s FOMC failed to deliver the hawkish policy messaging that many in the market feared.</li><li>The policy statement was all but unchanged and the dots continued to reflect a median expectation that rates would drop 75bps this year.</li><li>Longer run rate projections were lifted a little though and the economic projections reflected a bias towards stronger growth and somewhat higher inflation.</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.

Yesterday’s FOMC failed to deliver the hawkish policy messaging that many in the market feared.The policy statement was all but unchanged and the dots continued to reflect a median expectation that rates would drop 75bps this year.Longer run rate projections were lifted a little though and the economic projections reflected a bias towards stronger growth and somewhat higher inflation.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 Mixed as CHF Slides on Surprise SNB Rate Cut

<ul><li>The USD is trading firmer across the board against the major currencies and markets generally have a cautious undertone as investors look ahead to the FOMC meeting outcome.</li><li>Stocks are trading lower in Europe and US equity futures are softer. Bonds are marginally better bid, pushing 10Y yields down 1-2bps.</li><li>The JPY is particularly weak, trading at its lowest since 2008 against the EUR and nearing recent, multi-year lows against the USD just under 152.</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 firmer across the board against the major currencies and markets generally have a cautious undertone as investors look ahead to the FOMC meeting outcome.Stocks are trading lower in Europe and US equity futures are softer. Bonds are marginally better bid, pushing 10Y yields down 1-2bps.The JPY is particularly weak, trading at its lowest since 2008 against the EUR and nearing recent, multi-year lows against the USD just under 152.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 Strengthens into Fed Decision

<ul><li>The JPY has weakened nearly 1% following the BoJ’s decision to ditch its negative rate policy.</li><li>The central bank will set a policy rate range of 0-0.1% from now on and will also abandon its YCC and ETF purchases, in line with the reports that emerged yesterday ahead of the decision.</li><li>This is the first rate hike in Japan in 17 years. BoJ Governor Ueda said it was important to keep policy settings accommodative, suggesting that there was little rush to add to rate hikes for now. </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 JPY has weakened nearly 1% following the BoJ’s decision to ditch its negative rate policy.The central bank will set a policy rate range of 0-0.1% from now on and will also abandon its YCC and ETF purchases, in line with the reports that emerged yesterday ahead of the decision.This is the first rate hike in Japan in 17 years. BoJ Governor Ueda said it was important to keep policy settings accommodative, suggesting that there was little rush to add to rate hikes for now. 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 - JPY Slides After BoJ Rate Hike

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Finally some action from the BoJ earlier today with a 10 bps hike, in line with market expectations after it was rumored that they would tweak policy last week.</li><li>The BoJ has, with barely no exceptions, leaked all their policy moves to the press before actually moving the needle, and dynamics post the meeting is nothing less than a classic “buy the rumor sell the news”.</li><li>It looks like markets had hoped for some clarity on the path for the policy rate, which they weren’t given this morning (more on the BoJ meeting here).</li></ul>

Finally some action from the BoJ earlier today with a 10 bps hike, in line with market expectations after it was rumored that they would tweak policy last week.The BoJ has, with barely no exceptions, leaked all their policy moves to the press before actually moving the needle, and dynamics post the meeting is nothing less than a classic “buy the rumor sell the news”.It looks like markets had hoped for some clarity on the path for the policy rate, which they weren’t given this morning (more on the BoJ meeting here).

Positioning Watch – Commodities are back on, and so are cyclical equities

<ul><li>FX Market Update—The USD retains a soft undertone overall but trade is on the quiet side to start the week and tomorrow’s US CPI report—and no data of note today— will probably keep trading subdued today.</li><li>The JPY remains firm, gaining another 0.25% on the session, as markets position for a potential tightening in BoJ policy as soon as next week’s BoJ meeting.</li><li>The broader USD slide over the past week may have stabilized in the short run, however, with Friday’s price action suggesting some consolidation in the weak tone after an extended run lower from the middle of last month.</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 retains a soft undertone overall but trade is on the quiet side to start the week and tomorrow’s US CPI report—and no data of note today— will probably keep trading subdued today.The JPY remains firm, gaining another 0.25% on the session, as markets position for a potential tightening in BoJ policy as soon as next week’s BoJ meeting.The broader USD slide over the past week may have stabilized in the short run, however, with Friday’s price action suggesting some consolidation in the weak tone after an extended run lower from the middle of last month.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 - Soft USD Awaits CPI for Next Directional Cue

Mexico

The Mexican peso is the official currency of Mexico. 

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FX Daily - USD Mixed as CHF Slides on Surprise SNB Rate Cut

The policy statement was all but unchanged and the dots continued to reflect a median expectation that rates would drop 75bps this year.

Scotiabank

FX Daily - USD Strengthens into Fed Decision

The USD is trading firmer across the board against the major currencies and markets generally have a cautious undertone as investors look ahead to...

Scotiabank

FX Daily - JPY Slides After BoJ Rate Hike

The JPY has weakened nearly 1% following the BoJ’s decision to ditch its negative rate policy. The central bank will set a policy rate range of 0...

Scotiabank

Positioning Watch – Commodities are back on, and so are cyclical equities

Finally some action from the BoJ earlier today with a 10 bps hike, in line with market expectations after it was rumored that they would tweak...

Steno Research

FX Daily - Soft USD Awaits CPI for Next Directional Cue

The USD retains a soft undertone overall but trade is on the quiet side to start the week and tomorrow’s US CPI report—and no data of note today—...

Scotiabank

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