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>The DXY has spent the past four weeks pivoting around the 98 level in flat, rather directionless trade.</li><li>It’s a little early to call this a “quiet comeback”, as one Bloomberg article this week suggested, and we rather continue to think that broader risks for the USD are squarely tilted to the downside over the medium– to longer-term.</li><li>Admittedly, there are some indicators suggesting that the USD consolidation may extend.</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 DXY has spent the past four weeks pivoting around the 98 level in flat, rather directionless trade.It’s a little early to call this a “quiet comeback”, as one Bloomberg article this week suggested, and we rather continue to think that broader risks for the USD are squarely tilted to the downside over the medium– to longer-term.Admittedly, there are some indicators suggesting that the USD consolidation may extend.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 Snapshot - DXY—Quiet Comeback of Just Resting?

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>Protests over legislative benefits spread across Indonesian cities, sparking unrest and economic risks. Govt pledged reforms.</li><li>With taxes set to dominate 2026 revenue, broadening the base, improving compliance, and ensuring inclusive spending are primary.</li><li>The market impact hinges on how long unrest persists. The JCI down over 2% intraday, IDR depreciated nearly 1%, while yield remain stable.</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.

Protests over legislative benefits spread across Indonesian cities, sparking unrest and economic risks. Govt pledged reforms.With taxes set to dominate 2026 revenue, broadening the base, improving compliance, and ensuring inclusive spending are primary.The market impact hinges on how long unrest persists. The JCI down over 2% intraday, IDR depreciated nearly 1%, while yield remain stable.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>The USD’s July rebound has extended further than we expected.</li><li>The DXY rose every day in July through yesterday, an unusually persistent string of net gains which, if the July 4th is included, stretched to 11 sessions.</li><li>Typically, developed market currency moves rarely extend for more than 10-12 sessions (up or down) before a consolidation or reversal develops. </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’s July rebound has extended further than we expected.The DXY rose every day in July through yesterday, an unusually persistent string of net gains which, if the July 4th is included, stretched to 11 sessions.Typically, developed market currency moves rarely extend for more than 10-12 sessions (up or down) before a consolidation or reversal develops. 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 Snapshot - USD Rebound May Stall on Fed Chair Volatility

<ul><li>Market: JCI fell -1.8% w-w, along with most of the regional markets, amid corrections in the US market indices due to concerns on growth outlook.</li><li>Foreign investors’ outflow returned with -US$226mn w-w, mainly still concentrated in the big banks.</li><li>EM peers were also hit by foreign outflows across the board. Gold price reached an all-time high level at US$3000/ oz, indicating funds’ flight to safety.</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.

Market: JCI fell -1.8% w-w, along with most of the regional markets, amid corrections in the US market indices due to concerns on growth outlook.Foreign investors’ outflow returned with -US$226mn w-w, mainly still concentrated in the big banks.EM peers were also hit by foreign outflows across the board. Gold price reached an all-time high level at US$3000/ oz, indicating funds’ flight to safety.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.

BRIDS Market Pulse: Chart of the Week – Gold Price Vs. DXY

<ul><li>President Trump's latest tariff initiatives have heightened global trade tensions, raising concerns of a potential full-scale trade war.</li><li>However, market reactions have remained relatively muted, with the VIX index maintaining a level of around 20, much lower than during previous crises.</li><li>Investors appear to expect that policy interventions and negotiations will help avert a major escalation, despite President Donald Trump confirming that 25% tariffs on imports from Canada and Mexico will take effect on March 4. </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.

President Trump's latest tariff initiatives have heightened global trade tensions, raising concerns of a potential full-scale trade war.However, market reactions have remained relatively muted, with the VIX index maintaining a level of around 20, much lower than during previous crises.Investors appear to expect that policy interventions and negotiations will help avert a major escalation, despite President Donald Trump confirming that 25% tariffs on imports from Canada and Mexico will take effect on March 4. 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.

BRIDS Monthly Update Economic & Fixed Income Research February 2025

United States

The U.S. Dollar Index(USDX) indicates the general int'l value of the USD. The USDX does this by averaging the exchange rates between the USD and major world currencies. The ICE US computes this by using the rates supplied by some 500 banks. FOR REAL TIME SEE EIS ICEA<GO>.

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Dollar Index (DXY CURNCY)

FX Snapshot - DXY—Quiet Comeback of Just Resting?

The DXY has spent the past four weeks pivoting around the 98 level in flat, rather directionless trade. It’s a little early to call this a “quiet...

Scotiabank

Macro Strategy: Restoring Stability

Protests over legislative benefits spread across Indonesian cities, sparking unrest and economic risks. Govt pledged reforms.

BRI Danareksa Research

FX Snapshot - USD Rebound May Stall on Fed Chair Volatility

The DXY rose every day in July through yesterday, an unusually persistent string of net gains which, if the July 4th is included, stretched to 11...

Scotiabank

BRIDS Market Pulse: Chart of the Week – Gold Price Vs. DXY

Market: JCI fell -1.8% w-w, along with most of the regional markets, amid corrections in the US market indices due to concerns on growth outlook.

BRI Danareksa Research

BRIDS Monthly Update Economic & Fixed Income Research February 2025

President Trump's latest tariff initiatives have heightened global trade tensions, raising concerns of a potential full-scale trade war.

BRI Danareksa Research

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