Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul>
<li>Welcome back to our weekly positioning article, where we as always take you through the positioning data that we have found relevant throughout the week.</li>
<li>The central bank week is over, and what a week it has been with the quite shocking decision from BoJ yesterday, moving the YCC upper band from 0.5% to 1%, increasing the flexibility of their monetary policy since they effectively now have more room to play with, and they don’t have to buy as many bonds as they do now to keep yields under control – unless yields rise to &gt;1%.</li>
<li>In the West, the Fed and ECB delivered right as expected with a 25 bps hike each, despite inflation coming down FAST both in the US and EZ – it sure looks like they want to be sure that inflation gets down to target.</li>
</ul>


Welcome back to our weekly positioning article, where we as always take you through the positioning data that we have found relevant throughout the week.
The central bank week is over, and what a week it has been with the quite shocking decision from BoJ yesterday, moving the YCC upper band from 0.5% to 1%, increasing the flexibility of their monetary policy since they effectively now have more room to play with, and they don’t have to buy as many bonds as they do now to keep yields under control – unless yields rise to &gt;1%.
In the West, the Fed and ECB delivered right as expected with a 25 bps hike each, despite inflation coming down FAST both in the US and EZ – it sure looks like they want to be sure that inflation gets down to target.


Positioning Watch – The Market’s Response to Another Fed Hike

Macroeconomics

<ul><li>It’s central bank week again! Always a busy week when the biggest central banks publish their monthly interest rate decisions, but as always we are on our toes to provide you with actionable and timely coverage of all the rate decisions, meeting takeaways and more from Fed, ECB, BoJ &amp; the rest.</li><li>Our main thesis is that the overall message across the board will be slightly dovish given recent CPI numbers which suggest that the central banks’ job is done and that inflation will come down fast.</li><li>But maybe central banks keep looking in the rearview mirror, afraid to make a mistake that will ignite inflation again.</li></ul>

It’s central bank week again! Always a busy week when the biggest central banks publish their monthly interest rate decisions, but as always we are on our toes to provide you with actionable and timely coverage of all the rate decisions, meeting takeaways and more from Fed, ECB, BoJ &amp; the rest.Our main thesis is that the overall message across the board will be slightly dovish given recent CPI numbers which suggest that the central banks’ job is done and that inflation will come down fast.But maybe central banks keep looking in the rearview mirror, afraid to make a mistake that will ignite inflation again.

5 Things We Watch – Fed, ECB, BoJ, RBA & Credit

<ul><li>Welcome to this week’s edition of ‘5 Things We Watch’, where we take you through 5 things that we have found particularly interesting in the past week.</li><li>Yesterday we launched the first of a couple of articles focusing on the current business cycle, giving our best guess on where in the cycle we are, what markets are pricing in and most importantly – what will happen next.</li><li>The full articles regarding the business cycle and how different asset classes are positioned for it will be released throughout the week for premium subscribers.</li></ul>

Welcome to this week’s edition of ‘5 Things We Watch’, where we take you through 5 things that we have found particularly interesting in the past week.Yesterday we launched the first of a couple of articles focusing on the current business cycle, giving our best guess on where in the cycle we are, what markets are pricing in and most importantly – what will happen next.The full articles regarding the business cycle and how different asset classes are positioned for it will be released throughout the week for premium subscribers.

5 Things We Watch – PMIs, FX, Japan, Brazil, Inflation

FX & Rates

<ul><li>Welcome to the second research piece in our “Business Cycle Week”.</li><li>In this edition of the series on the business cycle, we will focus on whether FX markets sniff out the cycle ahead of other asset markets.</li><li>Is the USD a bellwether of global trends or is it just a saying?</li></ul>

Welcome to the second research piece in our “Business Cycle Week”.In this edition of the series on the business cycle, we will focus on whether FX markets sniff out the cycle ahead of other asset markets.Is the USD a bellwether of global trends or is it just a saying?

FX Watch: Have FX Markets Sniffed out an Upcoming Rebound?

<ul>
<li>Happy Sunday and welcome to our weekly flagship publication “Steno Signals”.</li>
<li>We have had a great week trading-wise except for being stopped out in our EUR/USD shorts and we find the price action in the USD extremely interesting to assess.</li>
<li>Could the moves we see in FX space be a harbinger of an unexpected cyclical rebound?</li>
</ul>


Happy Sunday and welcome to our weekly flagship publication “Steno Signals”.
We have had a great week trading-wise except for being stopped out in our EUR/USD shorts and we find the price action in the USD extremely interesting to assess.
Could the moves we see in FX space be a harbinger of an unexpected cyclical rebound?


Steno Signals #57 – What on earth is going on with the USD?

Australia

The Australian dollar is the official currency of the Commonwealth of Australia.

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AUD (USDAUD CURNCY)

Positioning Watch – The Market’s Response to Another Fed Hike

Happy Saturday, and welcome back to our weekly positioning article, where we as always take you through the positioning data that we have found...

Steno Research

5 Things We Watch – Fed, ECB, BoJ, RBA & Credit

It’s central bank week again! Always a busy week when the biggest central banks publish their monthly interest rate decisions, but as always we...

Steno Research

5 Things We Watch – PMIs, FX, Japan, Brazil, Inflation

Welcome to this week’s edition of ‘5 Things We Watch’, where we take you through 5 things that we have found particularly interesting in the past...

Steno Research

FX Watch: Have FX Markets Sniffed out an Upcoming Rebound?

In this edition, we will focus on whether FX markets sniff out the cycle ahead of other asset markets. Is the USD a bellwether of global trends or...

Steno Research

Steno Signals #57 – What on earth is going on with the USD?

Happy Sunday and welcome to our weekly flagship publication “Steno Signals”. We have had a great week trading-wise except for being stopped out in...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)