Every Wednesday our Head of Research, Andreas Steno, goes through the 5 most important themes/charts in global macro right now and how we assess them. Enjoy!
Last week we released our first edition of the ‘Dollar O’ Meter’ which sat out to probe the USD and its relative strength (or weakness). Without giving too much away, we find conviction that further weakness in the USD is up ahead in the next few months. If we are correct, how should one then position for such a circumstance?
The importance of the dollar and its influence on almost any given asset will come to nobody’s surprise, especially after its tear in 2022, which was like a wrecking ball, wreaking havoc in and around the financial system. Therefore we are launching the Dollar O’ Meter to track the USD versus peers.
Every Wednesday our Head of Research, Andreas Steno, goes through the 5 most important themes/charts in global macro right now and how we assess them. Enjoy!
It is a BIG week in Japanese central bank history with widespread speculation of another increase to the trading range of 10yr JGBs in the yield curve control program. More than 35 bps are priced in, but will BoJ fail to deliver?
Everyone agrees that a recession will hit this year, but will the Chinese reopening wreak havoc with the very uniform positioning across assets? Our flagship editorial Steno Signals is out every Sunday at 14 CET / 08 ET
It is now that time of month again. As economists anxiously await the coming CPI-print, we will in this ‘preview’ turn to our charts in an effort to align expectations according to select indicators.
Lagarde starred in the role as the slightly more tanned Grinch as central banks decided to ruin Christmas. Structural liquidity doesn’t look too bad and 2023 is not necessarily the year of the bear.
Is it really a possible scenario that the Fed will do stealth-QE by summer 2023? And are equities still a sell based on USD liquidity plumbing? Get the answers here!
A rising case count is ultimately the only trigger cable to end to the Chinese zero Covid regime, why the possibility of a reopening is currently INCREASING.
Is BoE the patient zero in the fight against bond vigilantes? More panic could be upcoming from other central banks soon as real rates are shooting for the stars
A historic gas sabotage and FX crisis. We have enough to look at in Europe this week. Here is my take on how to seek shelter from the current crisis. Enjoy!
What happens in markets when the ISM Manufacturing index drops below 50 over the next quarter? We have looked across all assets with interesting findings.
We have talked over and over about supply during the past 12 months, but it is now time to talk about demand. Go short the business cycle and buy USD.