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>Dollar-bullish sentiment eased for a third week in a row though last Tuesday, the latest snapshot of FX positioning from the CFTC shows.</li><li>That’s a little surprising, considering that the data cover the period when tariff concerns had eased somewhat but were still elevated.</li><li>Non-Commercial (speculative) traders pared aggregate USD longs some USD2.5bn overall to just over USD31bn. </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.

Dollar-bullish sentiment eased for a third week in a row though last Tuesday, the latest snapshot of FX positioning from the CFTC shows.That’s a little surprising, considering that the data cover the period when tariff concerns had eased somewhat but were still elevated.Non-Commercial (speculative) traders pared aggregate USD longs some USD2.5bn overall to just over USD31bn. 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 - Bullish USD Sentiment Softens Further

<ul><li>CFTC data for the week through January 21st reflects the first pullback in USD bullish positioning since the start of December, with net Non-Commercial (speculative) traders trimming just under USD1 bn off their dollar longs.</li><li>Additional data shows Real Money (institutional) traders cutting around USD2bn off their net USD long positioning while Leveraged (hedge fund) traders held net longs unchanged.</li><li>The combined USD long positions across these three trading groups eased to approximately USD59bn—lower than the recent peak but still looking quite extended.</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.

CFTC data for the week through January 21st reflects the first pullback in USD bullish positioning since the start of December, with net Non-Commercial (speculative) traders trimming just under USD1 bn off their dollar longs.Additional data shows Real Money (institutional) traders cutting around USD2bn off their net USD long positioning while Leveraged (hedge fund) traders held net longs unchanged.The combined USD long positions across these three trading groups eased to approximately USD59bn—lower than the recent peak but still looking quite extended.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 - Speculative Traders Pare USD Longs

<ul><li>Early January trading saw little change in FX market positioning, according to the latest CFTC data.</li><li>Broad, USD bullish sentiment persists but the build-up in USD long positioning slowed among Non-Commercial (speculative) accounts—perhaps not too surprisingly.</li><li>Aggregate USD longs increased USD874mn over the past week to reach a total of USD34.6bn—the biggest speculative bull punt on the USD since H1 2018. </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.

Early January trading saw little change in FX market positioning, according to the latest CFTC data.Broad, USD bullish sentiment persists but the build-up in USD long positioning slowed among Non-Commercial (speculative) accounts—perhaps not too surprisingly.Aggregate USD longs increased USD874mn over the past week to reach a total of USD34.6bn—the biggest speculative bull punt on the USD since H1 2018. 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 - Bullish Sentiment Build for USD Slows

<ul><li>USD bullish sentiment extended in the first trading week of the new year—much as the old year ended. Non-Commercial (speculative) accounts increased aggregate USD longs some USD2.3bn to total USD33.7bn overall, extending the steady ramp up in bullish USD positioning seen since last September.</li><li>Aggregate speculative USD longs have surpassed the April 2024 peak bullishness (net longs of USD32.6bn) to near the April 2019 peak of USD32.8bn.</li><li>Additional data shows Leveraged (hedge fund) traders increased net USD longs by some USD2bn while Institutional (real money) investors held net USD longs steady around USD13.3bn. </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 bullish sentiment extended in the first trading week of the new year—much as the old year ended. Non-Commercial (speculative) accounts increased aggregate USD longs some USD2.3bn to total USD33.7bn overall, extending the steady ramp up in bullish USD positioning seen since last September.Aggregate speculative USD longs have surpassed the April 2024 peak bullishness (net longs of USD32.6bn) to near the April 2019 peak of USD32.8bn.Additional data shows Leveraged (hedge fund) traders increased net USD longs by some USD2bn while Institutional (real money) investors held net USD longs steady around USD13.3bn. 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 - USD Bullish Speculative Sentiment Builds

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul><li>During the last quarter of 2024, 55% of active SA equity funds outperformed their benchmarks.</li><li>This is ahead of preceding quarter where 48% of active funds outperformed.</li><li>It is also interesting to note that for the year up to the end of Q3 2024, 22% of funds outperformed their benchmarks.</li></ul>

During the last quarter of 2024, 55% of active SA equity funds outperformed their benchmarks.This is ahead of preceding quarter where 48% of active funds outperformed.It is also interesting to note that for the year up to the end of Q3 2024, 22% of funds outperformed their benchmarks.

Funds in Focus Q4 2024 & 2024: A Better Quarter & Year for Active SA Equity Managers

Mexico

The Mexican peso is the official currency of Mexico. 

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Weekly CFTC Sentiment Report - Bullish USD Sentiment Softens Further

Dollar-bullish sentiment eased for a third week in a row though last Tuesday, the latest snapshot of FX positioning from the CFTC shows.

Scotiabank

Weekly CFTC Sentiment Report - Speculative Traders Pare USD Longs

CFTC data for the week through January 21st reflects the first pullback in USD bullish positioning since the start of December

Scotiabank

Weekly CFTC Sentiment Report - Bullish Sentiment Build for USD Slows

Broad, USD bullish sentiment persists but the build-up in USD long positioning slowed among Non-Commercial (speculative) accounts—perhaps not too...

Scotiabank

Weekly CFTC Sentiment Report - USD Bullish Speculative Sentiment Builds

Combined net long USD positioning rose to just over USD59bn, the highest since May 2019. USD positioning/sentiment continues to look extended.

Scotiabank

Funds in Focus Q4 2024 & 2024: A Better Quarter & Year for Active SA Equity Managers

During the last quarter of 2024, 55% of active SA equity funds outperformed their benchmarks. This is ahead of preceding quarter where 48% of...

DMA

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