Head of Research, Steno Research

Emil Moller

Head of Research

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>Gold has managed to maintain its ground recently and remains above the $1900 level on the back of stronger-than-expected hard data on both sides of the Atlantic.</li><li>But markets are of course forward-looking and though recent strength has offered some momentum and the “inevitable recession” keeps getting postponed, markets are nonetheless expecting inflation to decelerate and central banks to change course in the coming months.</li><li>If so the historic downsizing of balance sheets will be done already (the temporary bottom was so far in during Q4-2022).</li></ul>

Gold has managed to maintain its ground recently and remains above the $1900 level on the back of stronger-than-expected hard data on both sides of the Atlantic.But markets are of course forward-looking and though recent strength has offered some momentum and the “inevitable recession” keeps getting postponed, markets are nonetheless expecting inflation to decelerate and central banks to change course in the coming months.If so the historic downsizing of balance sheets will be done already (the temporary bottom was so far in during Q4-2022).

EM BY EM #11 Hangover After the Gold Rush? - Steno Signals

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<ul>
<li>Our proposed USD bull trade from DXY 102.60 (104.80 target zone) is in jeopardy after the ECB induced Euro spike. </li>
<li>Sterling has been our top USD short and the USD/JPY a top USD long. The Euro is under scrutiny but has been capped under 1.11.</li>
<li>We will be looking for further evidence of USD bearish elements. DXY below 102 would be more bearish but would be in line with a near term slide in yield.</li>
</ul>


Our proposed USD bull trade from DXY 102.60 (104.80 target zone) is in jeopardy after the ECB induced Euro spike. 
Sterling has been our top USD short and the USD/JPY a top USD long. The Euro is under scrutiny but has been capped under 1.11.
We will be looking for further evidence of USD bearish elements. DXY below 102 would be more bearish but would be in line with a near term slide in yield.


Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

<ul><li>Equity: It's noteworthy that the Japan Index performance is gaining significant attention across several notable platforms, including CNBC and Chinese Wealth Management magazine.</li><li>The assets of ETFs listed on Chinese exchanges that track Nikkei 225 doubled in May.</li><li>It's also essential to highlight Overseas investors bought a net JPY 2.7 trillion (USD19.3 billion) in May in Japanese equities/funds with the uptrend in equity prices, recording another month of heavy buying and taking YTD net inflows to JPY 4.1 trillion(USD 29.4 billion), which is quite remarkable.</li></ul>

Equity: It's noteworthy that the Japan Index performance is gaining significant attention across several notable platforms, including CNBC and Chinese Wealth Management magazine.The assets of ETFs listed on Chinese exchanges that track Nikkei 225 doubled in May.It's also essential to highlight Overseas investors bought a net JPY 2.7 trillion (USD19.3 billion) in May in Japanese equities/funds with the uptrend in equity prices, recording another month of heavy buying and taking YTD net inflows to JPY 4.1 trillion(USD 29.4 billion), which is quite remarkable.

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>Who’d have thought that the pound, universally ridiculed by the FT’ies (lefties who read the Financial Times), would be on the verge of a 6-year high? Only the Swiss Franc and the Singapore Dollar, both financial safe havens, are ahead of the pound over this post-Brexit period.</li><li>The pound has also been doing well against emerging market currencies, with just the Mexican Peso ahead.</li><li>With consistently high real interest rates (rates above inflation), the Mex has been a standout performer, even ahead of the Swiss Franc.</li></ul>

Who’d have thought that the pound, universally ridiculed by the FT’ies (lefties who read the Financial Times), would be on the verge of a 6-year high? Only the Swiss Franc and the Singapore Dollar, both financial safe havens, are ahead of the pound over this post-Brexit period.The pound has also been doing well against emerging market currencies, with just the Mexican Peso ahead.With consistently high real interest rates (rates above inflation), the Mex has been a standout performer, even ahead of the Swiss Franc.

The British Pound Flirts with a 6-Year High

<ul>
<li>Bias/Focus: AUD short (and NZD), Euro maturing wedge. USD/JPY long from 130 (policy push). USD/ZAR bull. Sterling long from 1.2450 gaining traction.</li>
<li>Commodity currencies and the USD/JPY have been our USD positive bets hidden within the DXY slide. Within EM, USD/ZAR is out top USD long theme. </li>
<li>The USD/KRW has been the weak performer within Asia outlined some fairly clear USD divisions. USD/SGD macro support at 1.32/31 is compelling.</li>
</ul>


Bias/Focus: AUD short (and NZD), Euro maturing wedge. USD/JPY long from 130 (policy push). USD/ZAR bull. Sterling long from 1.2450 gaining traction.
Commodity currencies and the USD/JPY have been our USD positive bets hidden within the DXY slide. Within EM, USD/ZAR is out top USD long theme. 
The USD/KRW has been the weak performer within Asia outlined some fairly clear USD divisions. USD/SGD macro support at 1.32/31 is compelling.


Japan

The Japanese yen is the official currency of Japan. 

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EM BY EM #11 Hangover After the Gold Rush? - Steno Signals

Gold has managed to maintain its ground recently and remains above the $1900 level on the back of stronger-than-expected hard data on both sides of...

Steno Research

USD Trade Splinters

Our proposed USD bull trade from DXY 102.60 (104.80 target zone) is in jeopardy after the ECB induced Euro spike. Sterling has been our top USD...

Thomas Schroeder

Japan @ Inflexion

It's noteworthy that the Japan Index performance is gaining significant attention across several notable platforms, including CNBC and Chinese...

Untying The Gordian Knot

The British Pound Flirts with a 6-Year High

With consistently high real interest rates (rates above inflation), the Mex has been a standout performer, even ahead of the Swiss Franc.

ByteTree Asset Management

USD Long and Short Positioning

Bias/Focus: AUD short (and NZD), Euro maturing wedge. USD/JPY long from 130 (policy push). USD/ZAR bull. Sterling long from 1.2450 gaining...

Thomas Schroeder

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