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1
GLOBAL FX STRATEGY | FX QUICK NOTES Tuesday October 20, 2020
High-Frequency Dashboard: Tracking the Post-Lockdown Recovery (October 20, 2020)
Shaun Osborne
Chief FX Strategist
461.945.4538
Follow us on Twitter @SCOTIABANKFX
-80
-40
0
40
80
120
03/20 05/20 07/20 09/20
Retail & recreation Grocery & pharmacyParks Transit stationsWorkplaces Residential
Source: Google, Scotiabank FICC Strategy.
Canada Google Community Mobility % change from baseline, 7-dma
(Last: Oct 16)
-80
-40
0
40
80
120
03/20 05/20 07/20 09/20
Retail & recreation Grocery & pharmacyParks Transit stationsWorkplaces Residential
Source: Google, Scotiabank FICC Strategy.
US Google Community Mobility% change from baseline, 7-dma
(Last: Oct 16)
Google Community Mobility
• Daily Google data tracking movement trends points to continued, albeit slowing, gains in economic activity but the re-imposition of some lockdown
measures in certain regions endangers the path of the recovery. While the end of strict quarantine periods led to an initial, strong, rebound in
activity the coming quarters will see growth returning to a smoother trajectory, with economic output unlikely to reach its pre-coronavirus level
before late-2021 given the economic impact and job losses resulting from the shutdowns and their spillovers. Activity in the UK seems to be
declining amid a recent quick increase in COVID-19 contagions and also following the end of the government’s restaurant subsidy scheme in late-
Aug. Canadian retail mobility also seems to have crested although this may be due to seasonal patterns to a large degree
-80
-40
0
40
80
120
03/20 05/20 07/20 09/20
Retail & recreation Grocery & pharmacyParks Transit stationsWorkplaces Residential
Source: Google, Scotiabank FICC Strategy.
UK Google Community Mobility% change from baseline, 7-dma
(Last: Oct 16)
-80
-40
0
40
80
120
03/20 05/20 07/20 09/20
Retail & recreation Grocery & pharmacyParks Transit stationsWorkplaces Residential
Source: Google, Scotiabank FICC Strategy.
Germany Google Community Mobility% change from baseline, 7-dma
(Last: Oct 16)
-80
-40
0
40
80
120
03/20 05/20 07/20 09/20
Retail & recreation Grocery & pharmacyParks Transit stationsWorkplaces Residential
Source: Google, Scotiabank FICC Strategy.
Japan Google Community Mobility% change from baseline, 7-dma
(Last: Oct 16)
-80
-40
0
40
80
120
03/20 05/20 07/20 09/20
Retail & recreation Grocery & pharmacyParks Transit stationsWorkplaces Residential
Source: Google, Scotiabank FICC Strategy.
Mexico Google Community Mobility% change from baseline, 7-dma
(Last: Oct 16)
Juan Manuel Herrera
FX Strategist
416.866.6781
-80
-70
-60
-50
-40
-30
-20
-10
0
10
20
03/20 05/20 07/20 09/20
US GermanyUK JapanMexico Canada
Source: Google, Scotiabank FICC Strategy.
Google Community Mobility: Workplaces
% change from baseline, 7-dma(Last: Oct 16) -100
-80
-60
-40
-20
0
20
03/20 05/20 07/20 09/20
US GermanyUK JapanMexico Canada
Source: Google, Scotiabank FICC Strategy.
Google Community Mobility: Retail
% change from baseline, 7-dma(Last: Oct 16)
-80
-70
-60
-50
-40
-30
-20
-10
0
10
20
03/20 05/20 07/20 09/20
US GermanyUK JapanMexico Canada
Source: Google, Scotiabank FICC Strategy.
Google Community Mobility: Transit Stns.
% change from baseline, 7-dma(Last: Oct 16)
https://twitter.com/Scotiabankfx
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2
GLOBAL FX STRATEGY | FX QUICK NOTES Tuesday October 20, 2020
0
20
40
60
80
100
03/20 05/20 07/20 09/20
Source: Google, Scotiabank FICC Strategy.
Canada and US:Topic "Unemployment Benefits"
respective peak = 100(Last: Oct 17)
Canada 7-day ma
US7-day ma
0
20
40
60
80
100
03/20 05/20 07/20 09/20
Source: Google, Scotiabank FICC Strategy.
Canada and US:Search Term "New Car"
respective peak = 100(Last: Oct 17)
Canada7-day ma
US7-day ma
20
40
60
80
100
03/20 05/20 07/20 09/20
Source: Google, Scotiabank FICC Strategy.
Canada and US:Search Term "Realtor"
respective peak = 100(Last: Oct 17)
Canada7-day ma
US7-day ma
Google Search Trends
• Google Trends data shows a marked decline in search interest for unemployment benefits in Canada with the recent uptick likely a result of newly
-announced employment insurance programmes. In the US, searches for unemployment benefits have fallen to their lowest point since March
after jumping in early August; which may have reflected the end of supplementary unemployment benefits in late-July and a new round of layoffs
as some businesses closed with the rebound in cases in certain states. ‘Realtor’ search interest remains elevated amid ultra-low borrowing rates
in Canada and the US but has eased as the summer buying season passes. Searches for ‘COVID test’ have surged in several countries while the
recent jump in searches in the US began around the time of the President’s positive diagnosis; the decline in Canada may be on the back of
testing restrictions in Ontario.
0
20
40
60
80
100
03/20 05/20 07/20 09/20
Source: Google, Scotiabank FICC Strategy.
Canada and US:Topic "Bankruptcy"
respective peak = 100(Last: Oct 17)
Canada7-day ma
US7-day ma
0
20
40
60
80
100
03/20 05/20 07/20 09/20
UK FraIta MexUS Cda
Source: Google, Scotiabank FICC Strategy.
Search Term "Covid Test"
respective peak = 100, 7-day ma (Last: Oct 17)
New York Fed Economic Index
• The NY Fed’s economic index which
aggregates ten daily and weekly indices
points to a year-on-year decline in GDP of
around –4.0% in mid-Oct equivalent to a
6.3% q/q increase for Q4 (very early data)
following an estimated 22.3% expansion in
Q3 after Q2’s 32.9% q/q contraction.
US Gasoline Demand
• Weekly US gasoline demand currently sits at
around 8% below last year’s levels as a
higher share of workers work from home and
mobility is reduced amid contagion concerns.
Indeed New Job Postings
• Online daily job postings on Indeed remain
practically unchanged relative to 2019 in the
US and also in Canada—although there
appears to be some seasonal variation that
has led to a divergence from last year’s
trend.
20
40
60
80
100
120
140
02/20 04/20 06/20 08/20 10/20
US (2019)
US (2020)
CA (2019)
CA (2020)
Source: Indeed, Scotiabank FICC Strategy.
Indeed New Job Postings
Feb 1 = 100, 7-dma (Last: Oct 9)
5
6
7
8
9
10
11
01/20 03/20 05/20 07/20 09/20 11/20
Source: DOE, Scotiabank FICC Strategy.
US Gasoline Demandmn bpd(Last: Oct 7)
2020 (Latest = 92%of 2019)
2019
0
20
40
60
80
100
03/20 05/20 07/20 09/20
Source: Google, Scotiabank FICC Strategy.
Canada and US:Topic "Restaurant"
respective peak = 100(Last: Oct 17)
Canada7-day ma
US7-day ma
-14
-12
-10
-8
-6
-4
-2
0
2
4
01/20 03/20 05/20 07/20 09/20
Source: FRBNY, Scotiabank FICC Strategy.
US FRBNY WeeklyEconomic Indexy/y % GDP grow th equivalent(Last: Oct 17)
Latest = -4.0%
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3
GLOBAL FX STRATEGY | FX QUICK NOTES Tuesday October 20, 2020
Scotiabank Canadian Merchant Data
• Scotiabank debit and credit card payments data compiled by our Economics, Customer Insights, and
Data & Analytics teams show that retail transactions across core merchant categories have rebounded
solidly in Canada from their April depths when compared to the same period last year. Total credit and
debit transactions now stand around their year-ago levels after falling by close to 30% y/y in April but
after showing a 5-10% increase through August; clothing and automotive are now roughly unchanged
year-on-year while restaurant expenses have also recently turned negative—and may worse amid
restrictions in QC and ON. For more details see here. For questions contact Nikita Perevalov
-100
-80
-60
-40
-20
0
20
40
60
80
01/20 03/20 05/20 07/20 09/20
Travel RestaurantsHardware AutomotiveClothing EntertainmentHealth Tota l
14-day ma of daily dollar volume oftransactions, y/y % (Last: Oct 9)
Sources: Scotiabank Economics, Customer Insights, Data & Analytics.
Scotiabank Canadian Transactions Data:Sales by Merchant Category
-50
0
50
100
150
200
01/20 03/20 05/20 07/20 09/20
Telecom Computer network
Computer software Grocer ies
Digital goods Tota l
14-day ma of daily dollar volume oftransactions, y/y % (Last: Oct 9)
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—is trading just between
its 40– and 100-day moving averages.
-75
-50
-25
0
25
50
01/20 03/20 05/20 07/20 09/20
Mfg FinanceProf/Biz svcs Educ/HealthLeisure/Hosp Total
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: Oct 9)
Affinity Solutions US Card Spending Data
• Affinity Solutions debit and credit card payments data show that retail sales in the US remain
slightly below their baseline in early-2020—but on a slight upward trajectory—with grocery
purchases remaining elevated as individuals spend more time at home while spending on
recreation and transportation remains quite depressed at ~ 50% lower than baseline, while
accommodation and food spending is about 25% lower. Spending on general merch. & apparel
has rebounded to only ~5% below baseline. The data show tentative signs that the stalling from
June through most of August has ended with the latest jump in expenses led by bottom-income-
quartile areas.
Burning Glass US Jobs Postings
• Weekly Burning Glass data show that US job
postings were down ~10% y/y, compared to
their pandemic trough of –41% in late-April.
Openings in the leisure and hospitality sector
appear to have been severely impacted by
the re-imposition of lockdown measures in
certain states with steep increases in COVID
-19 cases.
-3.00
-2.50
-2.00
-1.50
-1.00
-0.50
0.00
0.50
1.00
10/19 01/20 04/20 07/20 10/20
Source: Bloomberg, Scotiabank FICC Strategy.
Scotiabank FX Strategy Risk Appetite Index
index, 2008-present avg. = 0(Last: Oct 20)
100DMA
Risk appetite index
200DMA
40DMA
-50
-25
0
25
01/20 03/20 05/20 07/20 09/20
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: Oct 4)
-100
-75
-50
-25
0
25
50
75
100
125
01/20 03/20 05/20 07/20 09/20
HealthAcc/FoodGroceriesTrans/WHArts/Ent/RecGeneral/ApparelAll
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: Oct 4)
https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.insights-views.tracking-the-canadian-economy-through-covid-19-insights-from-customer-transactions--october-15--2020-.htmlmailto:[email protected]
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4
GLOBAL FX STRATEGY | FX QUICK NOTES Tuesday October 20, 2020
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
000 mw h 5pm, 14-dma(Last: Oct 19)
latest: 94% of avg
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 Demand
000 mw h 5pm, 14-dma(Last: Oct 19)
latest = 98% 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
000 mw h 5pm, 14-dma(Last: Oct 19)
latest = 101% of avg.
10
12
14
16
18
20
22
01/20 04/20 07/20 10/20
20172018201920202017-19 avg
Source: IESO, Scotiabank FICC Strategy.
Ontario Energy Demand
000 mw h 5pm, 14-dma(Last: Oct 12)
latest: 95% of avg
25
30
35
40
45
01/20 04/20 07/20 10/20
2018
2019
2020
2018-19 avg
Source: Cenace, Scotiabank FICC Strategy.
Mexico Energy Demand
000 mw h, daily max
(Last: Oct 18)
latest: 99% of avg
60
65
70
75
80
85
90
01/20 04/20 07/20 10/20
2018
2019
2020
2018-19 avg
Source: ONS, Scotiabank FICC Strategy.
Brazil Energy Demand
000 mw h, daily max (Last: Oct 18)
latest: 104% of avg
0
20
40
60
80
100
02/20 03/20 04/20 05/20 06/20 07/20 08/20 09/20 10/20
China Germany UKJapan Mexico 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 impact of the imposition and removal of
containment measures imposed in New Zealand amid a
surge in cases in the Auckland area after the country
reached 102 days without community transmission.
Germany’s restrictions remain relatively loose compared to
its peers—despite a recent uptick in contagions—which will
likely result in an outperformance of the country's economy
within the euro-bloc. Oxford’s index already reflects an
increase in restrictions in the UK amid a second wave of
COVID-19.
Energy Demand
• Hourly energy demand data shows that most economies are back to seasonal demand trends,
including Mexico which had consistently lagged its peers at about 10% below the average of
the past few years.
35
40
45
50
55
60
65
70
75
80
85
01/20 03/20 05/20 07/20 09/20 11/20
2017
2018
2019
2020
2017-19 avg
Source: RTE, Scotiabank FICC Strategy.
000 mw daily avg, 14-dma (Last: Oct 19)
France Energy Demand
latest: 110% of avg
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5
GLOBAL FX STRATEGY | FX QUICK NOTES Tuesday October 20, 2020
-100
-75
-50
-25
0
25
50
01/20 03/20 05/20 07/20 09/20
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: Oct 10)
Rail Shipments
• Weekly rail shipments data shows that
shipments ex. motor vehicles and equipment
in Canada and the US roughly unchanged
when compared to last year but it is still too
early to tell whether the recent jump in the
data is sustained. On the flip side, US auto
shipments appear to have recovered fully vs
year-ago levels while they remain depressed
around 20-25% in Canada.
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 notably ramp up
production, which stands at about 83% of
year-ago output compared to 60% in early
May. The trend is nevertheless encouraging
as 2020 levels continue to rise toward normal
production.
Shanghai Steel Inventories
• Chinese industrial output appears to have
recovered quickly 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 around year-ago 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 Jul Aug Sep Oct
Source: Antaike, Mysteel, Scotiabank FICC Strategy.
Shanghai Steel Inventories
mn tonnes(Last: Oct 16)
2020traders
(LHS)
2019traders
(LHS)
mn tonnes(Last: Oct 16)
2020steel mills
(RHS)
2019steel mills
(RHS)1.0
1.2
1.4
1.6
1.8
2.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Source: AISI, Scotiabank FICC Strategy.
US Steel Production
mn short tonnes(Last: Oct 16)
2020(Latest = 83% of 2019)
2019
Germany Truck Mileage Index
• Daily truck mileage data for Germany—a
close indicator of industrial production—
shows a sharp rebound in economic activity
in Europe’s largest economy. As of Oct 5,
miles traveled by trucks in Germany were
around their year-ago level. This series and
other data again point to the German
economy recovering at a fast pace as
lockdown measures are lifted.
Retail Traffic
• ShopperTrak and Prodco retail foot traffic
data show that retail activity has stabilised in
France and Germany after a quick rebound
through May and June. Retail traffic in the
US and the UK has also recently reversed
course, while it has accelerated in Hong
Kong.
-120
-100
-80
-60
-40
-20
0
20
01/20 03/20 05/20 07/20 09/20
UK France
Germany Hong Kong
US
Source: Shopper Trak, Prodco Analytics,Scotiabank FICC Strategy.
Retail Foot Traffic
y/y % change(Last: w eek of Oct 5)
-16
-12
-8
-4
0
4
8
10/19 12/19 02/20 04/20 06/20 08/20 10/20
Source: Destatis, Scotiabank FICC Strategy.
Germany Truck Mileage Index
y/y % change(Last: Oct 8)
-10.0
-7.5
-5.0
-2.5
0.0
2.5
5.0
10/19 01/20 04/20 07/20 10/20
Source: Bundesbank, Scotiabank FICC Strategy.
Bundesbank Weekly Activity Index
3m/3m % implied change in real GDP(Last: Oct 18)
Latest: +2.8% 3m/3m
Bundesbank Activity Index
• The Bundesbank’s high-frequency economic
activity index estimates that the German
economy is expanding by 2.8% on a 3m/3m
basis, as of Oct 5, up from –6.1% roughly
four months ago, reflecting the increase in
activity in the country’s industrial and
services sectors. The most recent data,
however, shows a plateauing of growth as
we kick off the third quarter. Note that
Germany’s economy contracted by –9.7% in
Q2, compared to the Bundesbank WEI
estimate of -4.2% at end-June.
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6
GLOBAL FX STRATEGY | FX QUICK NOTES Tuesday October 20, 2020
0
20
40
60
80
100
120
140
01/20 03/20 05/20 07/20 09/20 11/20
Source: Flight Radar, Scotiabank FICC Strategy.
Flight Radar TrackedCommercial Flights Globally
000s per day(Last: Oct 19)
2020 7-dma(Latest = 58% of 2019)
2019 7-dma
TSA Checkpoint Throughput
• Daily US TSA shows that traffic through US
airports remains heavily subdued at about a
third when compared to 2019. The recent
rise in cases in the country may explain the
plateauing of US travel since early-June. 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 40-45% lower compared to last year)
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.
OpenTable Restaurant Visits
• Daily OpenTable restaurant foot traffic data
points to a solid rebound in restaurant visits
in Australia while other major economies see
reduced gains, notable the UK with the end
of the government’s “eat out to help out” 50%
discount scheme on Aug 31; the UK has also
recently imposed a 10pm curfew on the
hospitality sector. Certain regions of Quebec
and Ontario recently banned indoor dining as
well. Restaurant visits in Mexico and the US
are showing an upward trend.
0
25
50
75
100
125
150
175
01/20 03/20 05/20 07/20 09/20
DrivingWalkingTransitBaseline
Source: Apple, Scotiabank FICC Strategy.
Canada Apple Mobility Trends
routing requests, 7-dma(Last: Oct 10)
0
25
50
75
100
125
150
175
01/20 03/20 05/20 07/20 09/20
Driving
Walking
Transit
Baseline
Source: Apple, Scotiabank FICC Strategy.
US Apple Mobility Trends
routing requests, 7-dma(Last: Oct 10)
0
25
50
75
100
125
150
175
01/20 03/20 05/20 07/20 09/20
Driving
Walking
Transit
Baseline
Source: Apple, Scotiabank FICC Strategy.
Germany Apple Mobility Trends
routing requests, 7-dma(Last: Oct 10)
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 and sustained 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. The recent decline in Canadian, US, and
slightly less so in German, mobility may have reflected a concern over increasing cases and/or a lull in mobility around the school year re-start—
i.e. normal seasonal patterns.
-120
-100
-80
-60
-40
-20
0
20
40
60
80
02/20 04/20 06/20 08/20 10/20
GermanyMexicoAustraliaUKCanadaUS
Source: Opentable, Scotiabank FICC Strategy.
OpenTable Restaurant Visitsy/y% change (Last: Oct 17),7-day ma
0
500
1000
1500
2000
2500
3000
03/20 05/20 07/20 09/20
Source: TSA, Scotiabank FICC Strategy.
TSA Checkpoint Travelers
000s, 7-day ma(Last: Oct 20)
2020(Latest = 36% of 2019)
2019
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7
GLOBAL FX STRATEGY | FX QUICK NOTES Tuesday October 20, 2020
Dallas Fed State Mobility and Engagement Index, 7-day ma (Last: Oct 10)
Source: Dallas Fed, Scotiabank FICC Strategy. First data point is Jan 9, Jan-Feb avg. = 0 (difference from baseline).
WA (-39)
OR (-34)
CA (-49)
ID (-22)
NV (-37)
UT (-29)
AZ (-36)
MT (-26)
WY (-16)
CO (-34)
NM (-34)
ND (-40)
SD (-26)
NE (-28)
KS (-33)
OK (-26)
TX (-41)
MN (-49)
IA (-31)
MO (-28)
AR (-26)
LA (-37)
WI (-48)
IL (-49)
KY (-33)
TN (-29)
MS (-27)
MI (-34)
IN (-27)
OH (-31)
WV (-23)
NC (-34)
AL (-30)
PA (-38)
VA (-45)
SC (-25)
GA (-31)
NY (-46)
NJ (-55)
MD (-55)
DC (-60)
FL (-37)
VT (-44)
MA (-53)
CT (-49)
DE (-46)
ME (-31)
NH (-43)
RI (-45)
HI (-56)
AK (-26)
ALL (-38)
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8
GLOBAL FX STRATEGY | FX QUICK NOTES Tuesday October 20, 2020
New Confirmed COVID-19 Cases by US State and Canadian Province, 7-day ma (Last: Oct 19)
Source: Bloomberg, Scotiabank FICC Strategy. First data point is March 3.
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
-
9
GLOBAL FX STRATEGY | FX QUICK NOTES Tuesday October 20, 2020
Card Spending, Opportunity Insights Affinity Solutions, 7-day ma (Last: Oct 4)
Source: Opportunity Insights, Scotiabank FICC Strategy. First data point is Jan 24, Jan = 0 (% difference from baseline).
WA (-2.5)
OR (-4.4)
CA (-9.9)
ID (9.2)
NV (-10.2)
UT (-9.0)
AZ (-2.5)
MT (0.1)
WY (-2.9)
CO (-10.1)
NM (-5.8)
ND (-2.9)
SD (-1.6)
NE (-4.0)
KS (0.2)
OK (2.0)
TX (-3.0)
MN (-5.7)
IA (-5.9)
MO (3.5)
AR (4.7)
LA (10.1)
WI (-5.8)
IL (-5.0)
KY (3.4)
TN (1.7)
MS (18.5)
MI (15.1)
IN (3.6)
OH (1.0)
WV (12.1)
NC (-3.1)
AL (6.3)
PA (5.4)
VA (0.0)
SC (6.7)
GA (-4.8)
NY (-4.4)
NJ (-6.6)
MD (0.6)
DC (-28.9)
FL (-2.2)
VT (-0.1)
MA (0.0)
CT (-2.6)
DE (-2.1)
ME (-13.4)
NH (5.2)
RI (14.0)
HI (-12.2)
AK (-7.8)
ALL (-3.2)
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10
GLOBAL FX STRATEGY | FX QUICK NOTES Tuesday October 20, 2020
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