External broker reports(aggregated public sources), Scotiabank

Scotiabank

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.

External broker reports(aggregated public sources)

FX & Rates

<ul><li>The solid stock market rebound form the low reached following the revelation of President Trump’s “Liberation Day” tariff announcement on April 2nd appears to reflect a strengthening view that the president’s tariff bark is worse than his bite.</li><li>The deployment of harsh and aggressive tariffs on the US’s trade partners have been subject to frequent, and often relatively swift, delays or changes, with latest example being the president’s threat of 50% tariffs on EU imports as of June 1 being delayed until July 9th—when the 90-day reprieve for hefty reciprocal tariffs initially announced on April 9th expires.</li><li>An op-ed by White House trade advisor Navarro today claims that markets are missing a key aspect of the president’s tax bill, namely that a “modest” global tariff of 10% would generate some USD2.3-3.3tn in revenues over the next 10 years which would help finance planned tax cuts</li></ul><p><em>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.</em></p>

The solid stock market rebound form the low reached following the revelation of President Trump’s “Liberation Day” tariff announcement on April 2nd appears to reflect a strengthening view that the president’s tariff bark is worse than his bite.The deployment of harsh and aggressive tariffs on the US’s trade partners have been subject to frequent, and often relatively swift, delays or changes, with latest example being the president’s threat of 50% tariffs on EU imports as of June 1 being delayed until July 9th—when the 90-day reprieve for hefty reciprocal tariffs initially announced on April 9th expires.An op-ed by White House trade advisor Navarro today claims that markets are missing a key aspect of the president’s tax bill, namely that a “modest” global tariff of 10% would generate some USD2.3-3.3tn in revenues over the next 10 years which would help finance planned tax cutsContent 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 Sentiment Moderates, Outlook Still Bearish