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.

Macroeconomics

<ul>
<li>We take you through all of our leading indicators on growth, inflation and liquidity ahead of the Fed meeting</li>
<li>Inflation and growth is coming down, while liquidity is currently improving </li>
<li>Bottom-Line: The Fed is close to pausing but QT will remain in place until the early Autumn at least</li>
</ul>


We take you through all of our leading indicators on growth, inflation and liquidity ahead of the Fed meeting
Inflation and growth is coming down, while liquidity is currently improving 
Bottom-Line: The Fed is close to pausing but QT will remain in place until the early Autumn at least


Macro Watch – 16 Charts On US Macro Ahead Of The Fed Meeting

CEO, ByteTree Asset Management

ByteTree Asset Management

Specialising in Bitcoin, Gold and Digital Assets

Investment Manager specialising in bitcoin, gold and digital assets

Cross Asset Strategy

<ul><li>With stocks up while the dollar is down, 2023 continues to surprise.</li><li>It was supposed to be the great recession, but the market says otherwise.</li><li>That is one of the confusions around gold. In this week’s Atlas Pulse, I compared the bull vs bear arguments. </li></ul>

With stocks up while the dollar is down, 2023 continues to surprise.It was supposed to be the great recession, but the market says otherwise.That is one of the confusions around gold. In this week’s Atlas Pulse, I compared the bull vs bear arguments. 

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

FX & Rates

<ul><li>The EUR/USD exchange rate has been moving upwards, as seen in Graph 1. There were four secondary movements throughout the considered time period.</li><li>More specifically, the currency pair showed an upward movement from November 30th up to December 2nd.</li><li>From 3rd to 12th of December, the exchange rate fluctuated up and down, ending with a higher price range on December 14th.</li></ul>

The EUR/USD exchange rate has been moving upwards, as seen in Graph 1. There were four secondary movements throughout the considered time period.More specifically, the currency pair showed an upward movement from November 30th up to December 2nd.From 3rd to 12th of December, the exchange rate fluctuated up and down, ending with a higher price range on December 14th.

Comment on Exchange Rate EUR/USD - December 30, 2022

<ul>
<li>Seek carry / exposure in Eastern Europe, if you think the USD will weaken further - it is your best BETA</li>
<li>Prefer metals to oil as the correlation between a weaker USD and higher commodity prices is stronger and more stable in precious -and industrial metals over time</li>
<li>Hold less (USD) cash than in 2022 as investors will seek for the USD cash exit door</li>
</ul>


Seek carry / exposure in Eastern Europe, if you think the USD will weaken further - it is your best BETA
Prefer metals to oil as the correlation between a weaker USD and higher commodity prices is stronger and more stable in precious -and industrial metals over time
Hold less (USD) cash than in 2022 as investors will seek for the USD cash exit door


Asset Allocation Watch - How to Position for USD Weakness?

<ul>
<li>Our models suggest that we should see further weakness in the USD in the coming months.</li>
<li>Expected interest rate divergence (EU/US) would, all else equal, strengthen the Euro relative to the Dollar.</li>
<li>Another source of dollar weakness can be attributed to the rise in the Chinese credit impulse.</li>
</ul>


Our models suggest that we should see further weakness in the USD in the coming months.
Expected interest rate divergence (EU/US) would, all else equal, strengthen the Euro relative to the Dollar.
Another source of dollar weakness can be attributed to the rise in the Chinese credit impulse.


The Dollar O’ Meter #1 – 5 Ways to Gauge the Usd Outlook

United States

The euro is the official currency of the European Economic & Monetary Union.  The US dollar is the official currency of the United States of America.

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EURO/US DOLLAR (EURUSD CURNCY)

Macro Watch – 16 Charts On US Macro Ahead Of The Fed Meeting

Before the FOMC meeting we take the temperature of the US economy via a pamphlet of indicators on inflation, growth, liquidity and asset markets....

Steno Research

Going for Gold

With stocks up while the dollar is down, 2023 continues to surprise. It was supposed to be the great recession, but the market says otherwise.

ByteTree Asset Management

Comment on Exchange Rate EUR/USD - December 30, 2022

The EUR/USD exchange rate has been moving upwards, as seen in Graph 1. There were four secondary movements throughout the considered time period.

VRS (Valuation & Research Specialists)

Asset Allocation Watch - How to Position for USD Weakness?

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...

Steno Research

The Dollar O’ Meter #1 – 5 Ways to Gauge the Usd Outlook

The importance of the dollar and its influence on almost any given asset will come to nobody’s surprise. Therefore we are launching the Dollar O’...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)