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>Bullish USD sentiment continues to fade. Net Non-Commercial (speculative) USD longs eased USD3bn on aggregate to USD23.5bn in the latest CFTC report covering the week through February 18th.</li><li>Additional data shows aggregate USD long positions held by Leveraged accounts (hedge funds) down USD2.5bn while Real Money (institutional) traders pared aggregate USD longs by a similar amount to sit net flat overall on the USD.</li><li>Combined net USD longs are down by a little over USD8bn in the latest data to total USD37.4bn, the lowest aggregate USD net long since the end of last year and down significantly from peak USD bullishness of near USD61bn seen in mid-January.</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.

Bullish USD sentiment continues to fade. Net Non-Commercial (speculative) USD longs eased USD3bn on aggregate to USD23.5bn in the latest CFTC report covering the week through February 18th.Additional data shows aggregate USD long positions held by Leveraged accounts (hedge funds) down USD2.5bn while Real Money (institutional) traders pared aggregate USD longs by a similar amount to sit net flat overall on the USD.Combined net USD longs are down by a little over USD8bn in the latest data to total USD37.4bn, the lowest aggregate USD net long since the end of last year and down significantly from peak USD bullishness of near USD61bn seen in mid-January.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 Sentiment Fades

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul>
<li>Fed is unlikely to cut rates in the near term, with a majority of participants pointing to a still restrictive policy stance</li>
<li>Front end treasury yields are anchored by Fed's current stance, leading to low range volatility and ongoing support for the treasury market</li>
<li>Discussion on balance sheet policy suggests QT may end earlier than expected, with reinvestment of MBS proceeds likely to be in T bills, potentially impacting term premium and yield curve dynamics</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Fed is unlikely to cut rates in the near term, with a majority of participants pointing to a still restrictive policy stance
Front end treasury yields are anchored by Fed's current stance, leading to low range volatility and ongoing support for the treasury market
Discussion on balance sheet policy suggests QT may end earlier than expected, with reinvestment of MBS proceeds likely to be in T bills, potentially impacting term premium and yield curve dynamics

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

US Rates – Everybody knows this is nowhere

<ul><li>The trend in recent CFTC data reports has reflected a moderation in bullish USD sentiment since the mid-January peak and that trend continued with the latest report filed on Friday.</li><li>Aggregate net long USD positioning among Non-Commercial (speculative) traders dropped USD4.7bn to USD26.5bn, the largest decline since late September (though that was just before the USD started its three-month rally).</li><li>Softening bullish sentiment is reflected in reduced net USD longs held by Leveraged (hedge fund) traders, which fell USD1bn to USD14.2bn while Real Money (institutional) traders slashed net USD longs by more than half to USD2.4bn this 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 trend in recent CFTC data reports has reflected a moderation in bullish USD sentiment since the mid-January peak and that trend continued with the latest report filed on Friday.Aggregate net long USD positioning among Non-Commercial (speculative) traders dropped USD4.7bn to USD26.5bn, the largest decline since late September (though that was just before the USD started its three-month rally).Softening bullish sentiment is reflected in reduced net USD longs held by Leveraged (hedge fund) traders, which fell USD1bn to USD14.2bn while Real Money (institutional) traders slashed net USD longs by more than half to USD2.4bn this 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.

Weekly CFTC Sentiment Report - USD Sentiment Fades as JPY Bulls Return

<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 28th reflect very little aggregate change in market positioning as investors awaited developments on the tariff front.</li><li>NonCommercial (speculative) traders trimmed long USD positioning very marginally overall (just USD11mn) in the week, maintaining broadly bullish USD exposure at an elevated level (USD33.7bn).</li><li>Additional data shows Leveraged (hedge fund) accounts lifting aggregate USD longs by USD1.1bn while Real Money (institutional) accounts pared their USD longs USD1.9bn, taking total USD long positions down to USD57bn across these three trading groups, about USD4bn off peak USD bullishness seen through mid-January.</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 28th reflect very little aggregate change in market positioning as investors awaited developments on the tariff front.NonCommercial (speculative) traders trimmed long USD positioning very marginally overall (just USD11mn) in the week, maintaining broadly bullish USD exposure at an elevated level (USD33.7bn).Additional data shows Leveraged (hedge fund) accounts lifting aggregate USD longs by USD1.1bn while Real Money (institutional) accounts pared their USD longs USD1.9bn, taking total USD long positions down to USD57bn across these three trading groups, about USD4bn off peak USD bullishness seen through mid-January.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 Positioning Little Changed Ahead of Tariffs

United States

The US dollar is the official currency of the United States of America.

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USD (USD CURNCY)

Weekly CFTC Sentiment Report - USD Bullish Sentiment Fades

Net Non-Commercial (speculative) USD longs eased USD3bn on aggregate to USD23.5bn in the latest CFTC report covering the week through February 18th.

Scotiabank

US Rates – Everybody knows this is nowhere

Fed is unlikely to cut rates in the near term, with a majority of participants pointing to a still restrictive policy stance Front end treasury...

At Any Rate

Weekly CFTC Sentiment Report - USD Sentiment Fades as JPY Bulls Return

The trend in recent CFTC data reports has reflected a moderation in bullish USD sentiment since the mid-January peak and that trend continued with...

Scotiabank

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 - USD Positioning Little Changed Ahead of Tariffs

CFTC data for the week through January 28th reflect very little aggregate change in market positioning as investors awaited developments on the...

Scotiabank

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