100 monday, june 18, 2020 20 high canada google …...google community mobilitybaseline, 7 • daily...
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1
GLOBAL FX STRATEGY | FX QUICK NOTES Monday, June 18, 2020
High-Frequency Dashboard: Tracking the Post-Lockdown Recovery (June 18, 2020)
Shaun Osborne
Chief FX Strategist
461.945.4538
Follow us on Twitter @SCOTIABANKFX
Google Community Mobility
• Daily Google data tracking movement trends continues to point to a gradual recovery in economic activity. Germany and Japan are generally
taking the lead across all metrics, with activity in workplaces ‘only’ about 15-20% lower than their respective baselines (Jan 3-Feb 6) compared to
between 30% and 35% in Canada, the US, and Mexico, while the UK falls behind at ~45% lower as reopening efforts in the country lag following
the UK government’s slow response at the onset of the COVID-19 outbreak. Mobility in Mexico remains stagnant.
-80
-60
-40
-20
0
20
40
60
80
100
03/20 04/20 05/20 06/20
Retail & recreation Grocery & pharmacyParks Transit stationsWorkplaces Residential
Source: Google, Scotiabank FICC Strategy.
Canada Google Community Mobility % change from baseline, 7-dma
(Last: Jun 12)
-80
-60
-40
-20
0
20
40
60
80
100
03/20 04/20 05/20 06/20
Retail & recreation Grocery & pharmacyParks Transit stationsWorkplaces Residential
Source: Google, Scotiabank FICC Strategy.
US Google Community Mobility% change from baseline, 7-dma
(Last: Jun 12)
-80
-60
-40
-20
0
20
40
60
80
100
03/20 04/20 05/20 06/20
Retail & recreation Grocery & pharmacyParks Transit stationsWorkplaces Residential
Source: Google, Scotiabank FICC Strategy.
UK Google Community Mobility% change from baseline, 7-dma
(Last: Jun 12)
-80
-60
-40
-20
0
20
40
60
80
100
03/20 04/20 05/20 06/20
Retail & recreation Grocery & pharmacyParks Transit stationsWorkplaces Residential
Source: Google, Scotiabank FICC Strategy.
Germany Google Community Mobility% change from baseline, 7-dma
(Last: Jun 12)
-80
-60
-40
-20
0
20
40
60
80
100
03/20 04/20 05/20 06/20
Retail & recreation Grocery & pharmacyParks Transit stationsWorkplaces Residential
Source: Google, Scotiabank FICC Strategy.
Japan Google Community Mobility% change from baseline, 7-dma
(Last: Jun 12)
-80
-60
-40
-20
0
20
40
60
80
100
03/20 04/20 05/20 06/20
Retail & recreation Grocery & pharmacyParks Transit stationsWorkplaces Residential
Source: Google, Scotiabank FICC Strategy.
Mexico Google Community Mobility% change from baseline, 7-dma
(Last: Jun 12)
Juan Manuel Herrera
FX Strategist
416.866.6781
-80
-70
-60
-50
-40
-30
-20
-10
0
10
20
20
US GermanyUK JapanMexico Canada
Source: Google, Scotiabank FICC Strategy.
Google Community Mobility: Workplaces
% change from baseline, 7-dma
(Last: Jun 12) -90
-80
-70
-60
-50
-40
-30
-20
-10
0
10
20
20
US GermanyUK JapanMexico Canada
Source: Google, Scotiabank FICC Strategy.
Google Community Mobility: Retail
% change from baseline, 7-dma
(Last: Jun 12) -80
-70
-60
-50
-40
-30
-20
-10
0
10
20
20
US GermanyUK JapanMexico Canada
Source: Google, Scotiabank FICC Strategy.
Google Community Mobility: Transit Stns.
% change from baseline, 7-dma
(Last: Jun 12)
2
GLOBAL FX STRATEGY | FX QUICK NOTES Monday, June 18, 2020
0
20
40
60
80
100
03/20 04/20 05/20 06/20
Source: Google, Scotiabank FICC Strategy.
Canada and US:Topic "Unemployment Benefits"
respective peak = 100(Last: Jun 15)
Canada7-day ma
US7-day ma
Cda "CERB"
7-day ma
Cda"CESB"
7-day ma
0
20
40
60
80
100
03/20 04/20 05/20 06/20
Source: Google, Scotiabank FICC Strategy.
Canada and US:Search Term "New Car"
respective peak = 100(Last: Jun 15)
Canada7-day ma
US7-day ma
0
20
40
60
80
100
03/20 04/20 05/20 06/20
Source: Google, Scotiabank FICC Strategy.
Canada and US:Search Term "Rent Relief"
respective peak = 100(Last: Jun 15)
Canada7-day ma
US7-day ma
0
20
40
60
80
100
03/20 04/20 05/20 06/20
Source: Google, Scotiabank FICC Strategy.
Canada and US:Search Term "Covid Test"
respective peak = 100(Last: Jun 15)
Canada7-day ma
US7-day ma
20
40
60
80
100
03/20 04/20 05/20 06/20
Source: Google, Scotiabank FICC Strategy.
Canada and US:Search Term "Realtor"
respective peak = 100(Last: Jun 15)
Canada7-day ma
US7-day ma
0
25
50
75
100
125
150
01/20 02/20 03/20 04/20 05/20
Driving
Walking
Transit
Baseline
Source: Apple, Scotiabank FICC Strategy.
Canada Apple Mobility Trends
routing requests, 7-dma(Last: Jun 16)
0
25
50
75
100
125
150
01/20 02/20 03/20 04/20 05/20
Driving
Walking
Transit
Baseline
Source: Apple, Scotiabank FICC Strategy.
US Apple Mobility Trends
routing requests, 7-dma(Last: Jun 16)
0
25
50
75
100
125
150
01/20 02/20 03/20 04/20 05/20
Driving
Walking
Transit
Baseline
Source: Apple, Scotiabank FICC Strategy.
Germany Apple Mobility Trends
routing requests, 7-dma(Last: Jun 16)
Google Search Trends
• Daily Google Trends data shows a marked decline in search interest for unemployment benefits in Canada—where searches for the federal
government’s other income support programmes, CERB (now expanded by 8 months) and CESB, supplanted broad searches for employment
insurance—and the US—where searches remain nevertheless elevated and mirror the lack of an additional decline in the number of weekly initial
claims. “Bankruptcy” search interest has declined from its peak in May but has recently accelerated in the US, while searches for “realtor” and
“new car” have risen which suggests a rebound in demand for these on top of the seasonal increase in auto and home purchases around this
time of year.
0
20
40
60
80
100
03/20 04/20 05/20 06/20
Source: Google, Scotiabank FICC Strategy.
Canada and US:Topic "Bankruptcy"
respective peak = 100(Last: Jun 15)
Canada7-day ma
US7-day ma
Apple Mobility Trends
• Daily Apple data tracking Apple Maps routing requests shows that driving and walking mobility in Canada, the US, and Germany now exceeds
their respective baseline levels of mid-January. However, only in Germany has there been a significant increase in transit usage that points to a
faster return to economic normality than in North America as lockdown measures are lifted; see Oxford U’s lockdown stringency index that shows
Germany’s restrictions are now significantly more relaxed than in most of its peers.
3
GLOBAL FX STRATEGY | FX QUICK NOTES Monday, June 18, 2020
Scotiabank Canadian Merchant Data
• Scotiabank debit and credit card payments data compiled by our Economics, Customer Insight,
and Data & Analytics teams show that retail transactions across core merchant categories such as
entertainment, clothing, and restaurants remain heavily depressed in Canada when compared to
the same period last year; note that the data may partly underestimate the decline in sales owing
to increased usage of cards instead of cash to avoid contagion. Total credit and debit transactions
fell by close to 30% y/y in April and now stand nearly unchanged versus 2019. While the lockdown
measures, travel bans, and fear of contagion have sharply hit the travel industry—with transaction
volumes down about 60% y/y as of a week ago—other sectors have seen an increase in sales as
people spend more time at home (e.g. computer software sales are up about 90% y/y). For more
details see here. For questions contact Nikita Perevalov ([email protected]) or
Rene Lalonde ([email protected]).
-100
-80
-60
-40
-20
0
20
40
60
80
Jan-20 Feb-20 Mar-20 Apr-20 May-20
TravelRestaurantsHardware storesAutomotiveClothingEntertainment
14-day ma of daily dollar volume oftransactions, y/y % (Last: Jun 8)
Sources: Scotiabank Economics, Customer Insights, Data & Analytics.
Scotiabank Canadian Transactions Data:Sales by Merchant Category
-20
0
20
40
60
80
100
120
140
160
180
Jan-20 Feb-20 Mar-20 Apr-20 May-20
Telecom servicesComputer NetworkComputer SoftwareGrocer iesDigital goods
14-day ma of daily dollar volume oftransactions, y/y % (Last: Jun 8)
Sources: Scotiabank Economics, Customer Insights, Data & Analytics.
Scotiabank Canadian Transactions Data:Sales by Merchant Category
Scotia FX Risk Appetite Index
• Our daily risk appetite index—a factor of
financial risk variables such as CDS spreads
and market volatility—has bounced off its
200DMA owing to ‘second-wave’ concerns
but remains around its highest point since
early-March as the gradual reopening of the
global economy and rising commodity prices
lead investors back to riskier assets.
-3.00
-2.50
-2.00
-1.50
-1.00
-0.50
0.00
0.50
1.00
10/19 12/19 02/20 04/20 06/20
Source: Bloomberg, Scotiabank FICC Strategy.
Scotiabank FX Strategy Risk Appetite Index
index, 2008-present avg. = 0(Last: Jun 17)
100DMA
Risk appetite index
200DMA
40DMA
-100
-75
-50
-25
0
25
50
75
100
01/20 03/20 05/20
AllAcc/FoodGroceriesHealthTrans/WHArts/Ent/RecGenMerch/Apparel
Source: Chetty, Friedman, Hendren, Stepner (2020), Opportunity Insights, Aff inity Solutions,
Scotiabank FICC Strategy.
US Credit/Debit Card Spending by Sector
% change from Jan 4-31 baseline, 7-dma (Last: Jun 10)
-50
-25
0
25
01/20 03/20 05/20
TopMiddleBottom QuartileAll
Source: Chetty, Friedman, Hendren, Stepner (2020),Opportunity Insights, Aff inity Solutions,
Scotiabank FICC Strategy.
US Credit/Debit Card Spending by ZIP Code Median Income Quartile% change from Jan 4-31 baseline, 7-dma (Last: Jun 10)
-75
-50
-25
0
25
50
01/20 03/20 05/20
MfgFinanceProf/Biz svcsEduc/HealthLeisure/HospTotal
Source: Chetty, Friedman, Hendren, Stepner (2020), Opportunity Insights, Burning Glass,
Scotiabank FICC Strategy.
US Job Postings by Industry
% change from Jan 4-31 baseline, 7-dma (Last: Jun 12)
Affinity Solutions US Card Spending Data
• Affinity Solutions debit and credit card payments data show that retail sales in the US remain 11%
off their baseline level earlier in the year with grocery purchases remaining elevated as individuals
spend more time at home while spend on recreation and transportation remains quite depressed
at over 50% lower than baseline, while accommodation and food spending is about 35-40% lower.
Spending on general merchandise and apparel has rebounded to ‘only’ 13% below baseline.
• With greater marginal propensity to consume, spending by people living in regions where the
median income is in the bottom quartile of the income distribution has rebounded to sit at less than
5% when compared to baseline with the large jump in the series following the distribution of the
Federal government's $1,200 stimulus cheque in mid-April. This is compared to those in higher-
income areas where spending is still about 17% lower—note that the stimulus cheque amount
declines for joint incomes above $150k/yr and above $75k/yr for single-filers.
Burning Glass US Jobs Postings
• Weekly Burning Glass data show that US job
postings have materially rebounded from
their late-April/early-May depths, when
compared to their January baseline. Total job
postings are about 16% lower compared to
39% lower in late-April. Openings in the
leisure and hospitality sector have increased
but are still ~25% below their baseline. On
the other hand, openings in financial services
are only about 13% lower.
4
GLOBAL FX STRATEGY | FX QUICK NOTES Monday, June 18, 2020
11
13
15
17
19
21
01/20 04/20 07/20 10/20
20172018201920202017-19 avg
Source: IESO, Scotiabank FICC Strategy.
Ontario Energy Demand
mn mw h 5pm, 14-dma(Last: Jun 17)
latest: 97% of avg
30
40
50
60
70
80
01/20 04/20 07/20 10/20
20172018201920202017-19 avg
Source: RTE, Scotiabank FICC Strategy.
France Energy Demand
mn mw h 5pm, 14-dma(Last: Jun 17)
latest: 92% of avg
60
65
70
75
80
85
90
95
100
105
01/20 04/20 07/20 10/20
Thousands
20172018201920202017-19 avg
Source: EIA, Scotiabank FICC Strategy.
US Midwest Energy Demand
mn mw h 5pm, 14-dma(Last: Jun 14)
latest: 93% of avg
Energy Demand
• Hourly energy demand data shows the
impact of the economic lockdown on
industrial sector activity as a large share of
factories and offices remain idle—although
in the case of the latter some of this
demand is substituted by residential
demand. Energy demand in the countries/
regions that we track has consistently been
around 10% lower than the average of the
previous three years over the past few
weeks, while abnormally high temperatures
in Ontario and the US Midwest increase air
-conditioning usage temporarily.
22
27
32
37
42
47
52
01/20 03/20 05/20 07/20 09/20 11/20
20172018201920202017-19 avg
Source: TEPCO, Scotiabank FICC Strategy.
Japan Energy Demandmn mw h 5pm, 14-dma(Last: Jun 17)
latest = 104% of avg
10
12
14
16
18
20
01/20 04/20 07/20 10/20
20172018201920202017-19 avg
Source: SMARD, Scotiabank FICC Strategy.
Germany Energy Demand
mn mw h 5pm, 14-dma(Last: Jun 16)
latest = 91% of avg.
Indeed New Job Postings
• Online daily job postings on Indeed in
Canada and the US remain depressed
relative to the same period last year as firms
hold back on hiring plans, with the trend in
new job postings—on Indeed for a week or
less—in Canada down by around 29%
relative to the 2019 trend whereas in the US
they are only down about 16%. In Canada,
hospitality and tourism postings are the most
impacted at 62% below trend (61% in the
US).
New York Fed Economic Index
• The NY Fed’s weekly economic index which
aggregates ten different daily and weekly
indices points to a year-on-year decline in
GDP of around –8.4% in early-June which
would approximately translate into a 29% q/q
annualised decline for the full quarter—the
median estimate of economists surveyed by
Bloomberg sits at –35% q/q.
-14
-12
-10
-8
-6
-4
-2
0
2
4
01/20 02/20 03/20 04/20 05/20 06/20
Source: FRBNY, Scotiabank FICC Strategy.
US FRBNY WeeklyEconomic Indexy/y % GDP grow th equivalent(Last: Jun 18)
-0.60
-0.40
-0.20
0.00
0.20
0.40
01/20 02/20 03/20 04/20 05/20 06/20
Source: FRBSF, Scotiabank FICC Strategy.
San Fran Fed US Daily News Sentiment Index
index(Last: Jun 14)
San Fran Fed News Index
• The Federal Reserve Bank of San
Francisco’s Daily News Sentiment Index,
which tracks the implied tone of news articles
in 16 major US newspapers, points to only a
minor improvement in sentiment since its
trough in late-March, which may indirectly
keep consumer confidence subdued. The
recent decline likely follows from social
unrest in the US.
0
20
40
60
80
100
120
140
02/20 03/20 04/20 05/20 06/20
US (2019) US (2020)
Canada (2019) Canada (2020)
Source: Indeed, Scotiabank FICC Strategy.
Indeed New Job Postings
Feb 1 = 100, 7-dma (Last: Jun 12)
5
GLOBAL FX STRATEGY | FX QUICK NOTES Monday, June 18, 2020
-100
-80
-60
-40
-20
0
20
40
01/20 02/20 03/20 04/20 05/20 06/20
US m. vehicles & eq.US ex mveCanada m. vehicles & eq.Canada ex mve
Source: CN, AAR, Scotiabank FICC Strategy.
Canada and US Rail Merchandise Shipments
y/y % change in carloads(Last: Jun 12)
Rail Shipments
• Weekly rail shipments data shows that
demand for motor vehicles and equipment in
North America has recovered, but remains
weak, after grinding to a halt as factories
shut down and are now resuming production,
while shipments of other goods remain
depressed relative to last year.
US Steel Production
• Weekly US steel production data suggests
that activity in the manufacturing and
construction sectors has not yet significantly
improved for steel mills to ramp up
production—which stands around 36% than
at this point last year.
Shanghai Steel Inventories
• Chinese industrial output appears to have
recovered quickly, but possible stalled, as
steel inventory levels in the country are
depleted from record-highs as reflected by
weekly Shanghai storage data for both
traders and steel mills. Steel mill inventories
are nearly at ‘normal’ levels.
0.2
0.3
0.4
0.5
0.6
0.7
0.6
0.8
1.0
1.2
1.4
1.6
Jan Feb Mar Apr May Jun
Source: Antaike, Mysteel, Scotiabank FICC Strategy.
Shanghai Steel Inventories
mn tonnes(Last: Jun 12)
2020traders
(LHS)
2019traders
(LHS)
mn tonnes(Last: Jun 12)
2020steel mills
(RHS)
2019steel mills
(RHS)1.0
1.2
1.4
1.6
1.8
2.0
Jan Feb Mar Apr May Jun
Source: AISI, Scotiabank FICC Strategy.
US Steel Production
mn short tonnes(Last: Jun 12)
2020
2019
Germany Truck Mileage Index
• Daily truck mileage data for Germany—a
close indicator of industrial production—
showed a sharp rebound in economic activity
in Europe’s largest economy before
retreating in the past week. As of June 10,
miles traveled by trucks in Germany were
down by around 8%—from as high as –1%in
the previous week—when compared to the
same period in 2019. This series and other
data again point to the German economy
recovering at a fast pace as lockdown
measures are lifted.
ShopperTrak Retail Volumes
• ShopperTrak data show that retail activity
has picked up quickly in France and
Germany to almost match the decline in
Japan on a year-on-year basis following the
reopening of non-essential businesses.
Retail sales in the UK remain nevertheless
depressed with most shops in the country
closed as of the latest observation; retailers
in England were allowed to reopen on June
15th.
-100
-80
-60
-40
-20
0
20
01/20 02/20 03/20 04/20 05/20 06/20
UK
France
Germany
Hong Kong
Source: Shopper Trak, Scotiabank FICC Strategy.
ShopperTrak Retail Volumes
y/y % change(Last: Jun 8)
-16
-12
-8
-4
0
4
10/19 12/19 02/20 04/20 06/20
Source: Destatis, Scotiabank FICC Strategy.
Germany Truck Mileage Index
y/y % change(Last: Jun 10)
-8
-6
-4
-2
0
2
10/19 12/19 02/20 04/20 06/20
Source: Bundesbank, Scotiabank FICC Strategy.
Bundesbank Weekly Activity Index
q/q % implied change in real GDP(Last: Jun 14)
Bundesbank Activity Index
• The Bundesbank’s high-frequency economic
activity index estimates that the German
economy was contracting at a rate of around
7.5% in the second quarter, thus not yet
reflecting the increase in activity in the
industrial and services sectors in the country.
6
GLOBAL FX STRATEGY | FX QUICK NOTES Monday, June 18, 2020
0
20
40
60
80
100
120
01/20 02/20 03/20 04/20 05/20 06/20
Source: Flight Radar, Scotiabank FICC Strategy.
Flight Radar TrackedCommercial Flights Globally
000s per day(Last: Jun 17)
7DMA
TSA Checkpoint Throughput
• Daily US TSA shows that traffic through US
airports remains heavily subdued at less than
20% when compared to 2019, with an
average of only 450k travelers going through
security screenings in the past week versus
over 2.5mn last year. As domestic and
international restrictions are lifted we should
see a more important pick-up in travel
activity.
Flight Radar Commercial Flights
• Daily flights data from Flight Radar points to
an unsurprising massive decline in air travel
(about 60% lower compared to early-2020)
owing to travel bans and other strict
restrictions on domestic and international
travel. As some countries eradicate (or
sharply limit the spread of the virus) some
travel will resume between ‘COVID-free’
nations.
0
500
1000
1500
2000
2500
3000
02/20 03/20 04/20 05/20
Source: TSA, Scotiabank FICC Strategy.
TSA Checkpoint Travelers
000s passengers(Last: Jun 14)
2020 7-dma(Latest = 17.5% of 2019)
2019 7-dma
-120
-100
-80
-60
-40
-20
0
20
40
02/20 03/20 04/20 05/20 06/20
AustraliaGermanyMexicoUKUSCanada
Source: Opentable, Scotiabank FICC Strategy.
OpenTable Restaurant Visits
y/y% change(Last: Jun 17)
OpenTable Restaurant Visits
• Daily OpenTable restaurant foot traffic data
points to a solid rebound in restaurant visits
in Germany and Australia (pent-up demand)
after governments allowed these businesses
to reopen—under certain conditions. The
relaxation of measures in some US states
and Canadian provinces has also marginally
begun to feed into the data.
0
20
40
60
80
100
02/20 03/20 04/20 05/20 06/20
China GermanyUK JapanMexico New ZealandUS Canada
Source: Hale, Webster, Petherick, Phillips, and Kira (2020). Oxford COVID-19 Government Response Tracker, Blavatnik School of Government , Scotiabank FICC Strategy.
Incorporates public information on 17 indicators of government responses.
Oxford Lockdown Stringency Index
100 = strictest response
Lockdown Stringency Index
• Oxford University's lockdown stringency index—a useful guideline to track containment measures
around the globe—shows the progress that New Zealand has made on bringing the coronavirus
under control which has allowed them to loosen restrictions that therefore leaves the country
better positioned for a prompt economic rebound. Similarly, Germany continues to loosen
restrictions which will likely result in an outperformance of the country's economy within the euro-
bloc. After a slow response to the outbreak, the Oxford index suggests that restrictions in Mexico
are the strictest across major economies, behind China which recently re-imposed some
measures owing to an outbreak in Beijing.
7
GLOBAL FX STRATEGY | FX QUICK NOTES Monday, June 18, 2020
Source: Bloomberg, Scotiabank FICC Strategy. First data point is March 3.
New Confirmed COVID-19 Cases by US State and Canadian Province, 7-day ma (Last : June 17)
WA
OR
CA
HI
ID
NV
UT
AZ
MT
CO
NM
ND
SD
NE
KS
OK
TX
MN
IA
MO
AR
LA
KY
TN
MS
OH PA
VA
SC
GA
MD
NJ
NY MA
VT
CT
DE
NH
ME
RIWY
WV
NC
AL
DC
MI
IN
IL
WI
FL
BC AB SK MB ON QC NB NS
NLPE
AK
8
GLOBAL FX STRATEGY | FX QUICK NOTES Monday, June 18, 2020
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(USA) Inc. is a broker-dealer registered with the SEC and is a member of FINRA, NYSE, NFA and SIPC. The Bank of Nova Scotia is authorized and regulated by the Office
of the Superintendent of Financial Institutions in Canada. The Bank of Nova Scotia is authorized by the Prudential Regulation Authority and subject to regulation by the
Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of The Bank of Nova Scotia's regulation by the Prudential
Regulation Authority are available from us on request. Scotiabank Europe plc is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority.
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