Macro: Sandcastle economics
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Financial Insights: Sharing the most traded instruments at Saxo for the week, including Tesla options picking up
Jessica Amir
Market Strategist
Summary: We cover the most traded instruments at Saxo for the third week of February, from what the most traded Futures, Stocks, CFDs, options and FX positions were for the week that was. We touch on how some clients are protecting themselves in case Tesla and or the S&P500 pulls back, plus why some clients are trading Commonwealth Bank of Australia shares.
Here are the most traded instruments at Saxo Capital Markets Australia for the week ending February 17, 2023
In Futures the most traded instrument for the week ending 17 February 2023 was the S&P500 E-Mini. We have been speaking about the S&P500 rally looking vulnerable of a pull back, so clients are expressing that view with perhaps futures.
Tesla (TSLA) has been the most transacted stock and CFD at Saxo for the week ending 17 February 2023. We have seen buying pick in up TSLA shares, but also in options as well; with clients using optionality to protect themselves in case of a potential pull back. We've been speaking about Tesla shares trading in overbought territory after Tesla shares have run up over 90% from their lows, so perhaps some clients are using options as a protective cushion.
Commonwealth Bank of Australia (CBA) is the second most transacted upon stock/CFD at Saxo this week in Australia. Some buyers swooped in after CBA shares shed about 8% over the week. Market consensus expects CBA earnings to grow in 2023 - even despite the headwinds of CBA guiding for an uncertain year ahead - putting capital aside for bad debts with consumers feeling financial strain from inflationary pressures.
And in Foreign Exchange (FX), the Aussie dollar against the US, the AUDUSD pair, was the most transacted upon currency pair after the Australian unemployment rate rose. This week at Saxo, there was more Aussie dollar selling, than buying, as the Reserve Bank of Australia’s (RBA) task in rising rates to slow the pace of inflation - just got a little tougher - given the jobless rate surprisingly rose. This was not expected by the market or the RBA. The RBA previously expected the jobless rate to pick up later this year. However, at Saxo, we saw some clients taking a longer term view on the Aussie dollar (the AUDUSD pair), given commodity companies who reported this week, such as Fortescue Metals (FMG) gave bullish outlooks on China's reopening boosting resources demand, and that would theoretically support the Aussie dollar. For more on our bullish outlook on commodities, read our Quarterly Outlook.
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