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.

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

<ul><li>CFTC positioning data show a second successive improvement in speculative USD sentiment but the improvement is limited (less than USD500mn) and Speculative Accounts retain a net short USD position on aggregate of USD12.5bn.</li><li>This is little changed over the past three weeks, perhaps reflecting light, summer trading. Real Money Accounts retain a sizeable aggregate USD short position (USD38bn, up a little under USD2bn on the week) while Leveraged Accounts reversed a small, aggregate USD short position to a minor net long (USD5bn).</li><li>These hedge fund traders have tended to hold a similarly sized net USD long on aggregate since March.</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 positioning data show a second successive improvement in speculative USD sentiment but the improvement is limited (less than USD500mn) and Speculative Accounts retain a net short USD position on aggregate of USD12.5bn.This is little changed over the past three weeks, perhaps reflecting light, summer trading. Real Money Accounts retain a sizeable aggregate USD short position (USD38bn, up a little under USD2bn on the week) while Leveraged Accounts reversed a small, aggregate USD short position to a minor net long (USD5bn).These hedge fund traders have tended to hold a similarly sized net USD long on aggregate since March.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 USD Sentiment Improves Slightly

FX & Rates

<ul><li>The aggregate USD short widened modestly in the week ended September 23, with a $0.8bn w/w build to $8.6bn.</li><li>This was the third consecutive week of deterioration in aggregate USD positioning, suggesting a renewed appetite for bearish USD bets following a period of short covering that was observed through much of July and August.</li><li>Adjustments among the reporting currencies were mixed, with a sizeable increase in the JPY long and short covering in CHF and GBP. </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 widened modestly in the week ended September 23, with a $0.8bn w/w build to $8.6bn.This was the third consecutive week of deterioration in aggregate USD positioning, suggesting a renewed appetite for bearish USD bets following a period of short covering that was observed through much of July and August.Adjustments among the reporting currencies were mixed, with a sizeable increase in the JPY long and short covering in CHF and GBP. 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 - JPY Net Long Sees Sizeable Build , Likely Driven By Hawkish BoJ

<ul><li>The aggregate USD short was largely unchanged in the week ended September 16, widening a modest $0.7bn w/w to $7.8bn, in a reporting period that captured speculative positioning into the Fed, BoC, BoE, and BoJ policy meetings.</li><li>Individual reporting currency swings offered some interesting w/w changes with notable short covering in GBP and AUD alongside a sizeable reduction in the JPY net long.</li><li>Speculators also slightly pared back their massive EUR long. The EUR remains the largest held net long, followed by the JPY in a distant second. </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 was largely unchanged in the week ended September 16, widening a modest $0.7bn w/w to $7.8bn, in a reporting period that captured speculative positioning into the Fed, BoC, BoE, and BoJ policy meetings.Individual reporting currency swings offered some interesting w/w changes with notable short covering in GBP and AUD alongside a sizeable reduction in the JPY net long.Speculators also slightly pared back their massive EUR long. The EUR remains the largest held net long, followed by the JPY in a distant second. 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 Covered GBP Shorts Ahead Of BoE

<ul><li>The aggregate USD short widened a notable $2.1bn in the week ended September 9, reaching $7.2bn in a reporting period that captured the US/Canada jobs disappointments and the media reporting of the BoJ’s intention to resume tightening by year end.</li><li>The largest w/w swings were observed in JPY and EUR, as both net longs increased. The CHF short widened modestly, and all of the remaining currencies saw there positions remain largely unchanged w/w.</li><li>The EUR remains the largest net long, followed by JPY, with MXN a distant third. </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 widened a notable $2.1bn in the week ended September 9, reaching $7.2bn in a reporting period that captured the US/Canada jobs disappointments and the media reporting of the BoJ’s intention to resume tightening by year end.The largest w/w swings were observed in JPY and EUR, as both net longs increased. The CHF short widened modestly, and all of the remaining currencies saw there positions remain largely unchanged w/w.The EUR remains the largest net long, followed by JPY, with MXN a distant third. 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 - JPY Sees Massive Speculative Swing On BoJ Tightening Report

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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

Weekly CFTC Sentiment Report - Speculative USD Sentiment Improves Slightly

CFTC positioning data show a second successive improvement in speculative USD sentiment but the improvement is limited (less than USD500mn)

Scotiabank

CFTC Weekly Sentiment Report - JPY Net Long Sees Sizeable Build , Likely Driven By Hawkish BoJ

The aggregate USD short widened modestly in the week ended September 23, with a $0.8bn w/w build to $8.6bn. This was the third consecutive week of...

Scotiabank

CFTC Weekly Sentiment Report - Speculators Covered GBP Shorts Ahead Of BoE

Individual reporting currency swings offered some interesting w/w changes with notable short covering in GBP and AUD alongside a sizeable reduction...

Scotiabank

CFTC Weekly Sentiment Report - JPY Sees Massive Speculative Swing On BoJ Tightening Report

The aggregate USD short widened a notable $2.1bn in the week ended September 9, reaching $7.2bn in a reporting period that captured the US/Canada...

Scotiabank

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