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>Markets are stuck in a discussion on the JPY this morning as BoJ governor Ueda and PM Kishida held a meeting allegedly discussing FX developments.</li><li>Our models continue to signal weakness ahead for the JPY.</li><li>Even a move to 1% in the YCC-curve control has NOT allowed the BoJ to become less interventionist.</li></ul>

Markets are stuck in a discussion on the JPY this morning as BoJ governor Ueda and PM Kishida held a meeting allegedly discussing FX developments.Our models continue to signal weakness ahead for the JPY.Even a move to 1% in the YCC-curve control has NOT allowed the BoJ to become less interventionist.

FX Nugget: What Policy Normalization? The BoJ Is as Interventionist as Ever….

<ul><li>In our “Nugget series” we aim at visualizing the most important themes in global macro with a few timely charts and very few words.</li><li>Today we will explain the market moves of the day with our “PBoC doom loop”.</li><li>Today’s market in short: A rebound in CNY after intervention above 7.30 against the USD, a sharp move higher in USDJPY and higher USD rates.</li></ul>

In our “Nugget series” we aim at visualizing the most important themes in global macro with a few timely charts and very few words.Today we will explain the market moves of the day with our “PBoC doom loop”.Today’s market in short: A rebound in CNY after intervention above 7.30 against the USD, a sharp move higher in USDJPY and higher USD rates.

External broker reports(aggregated public sources), Scotiabank

Scotiabank

External broker reports(aggregated public sources)

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>The USD is trading firmly but is off earlier highs on the session as US yields help shape FX trends.</li><li>Slightly firmer than expected PPI figures Friday gave US yields some additional lift before markets slipped modestly on the back of weaker inflation expectations in the U. Michigan data.</li><li>USD sentiment appears to be improving somewhat; Friday’s CFTC data showed some reduction in overall short USD positioning, mainly reflecting a large-ish reduction in net EUR longs over the week. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The USD is trading firmly but is off earlier highs on the session as US yields help shape FX trends.Slightly firmer than expected PPI figures Friday gave US yields some additional lift before markets slipped modestly on the back of weaker inflation expectations in the U. Michigan data.USD sentiment appears to be improving somewhat; Friday’s CFTC data showed some reduction in overall short USD positioning, mainly reflecting a large-ish reduction in net EUR longs over the week. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX Daily - USD Firm but Off Early High in Quiet Trade

<ul><li>Broader bearish USD sentiment has moderated somewhat, the latest positioning data from the CFTC shows.</li><li>Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD versus the major currencies back to USD15.8bn.</li><li>Data shows that Real Money Accounts trimmed their overall short USD position USD2.4bn to USD38.9bn over the week while Leveraged Accounts lifted their (modest) short USD position by USD2.5bn to USD4.8bn.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Broader bearish USD sentiment has moderated somewhat, the latest positioning data from the CFTC shows.Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD versus the major currencies back to USD15.8bn.Data shows that Real Money Accounts trimmed their overall short USD position USD2.4bn to USD38.9bn over the week while Leveraged Accounts lifted their (modest) short USD position by USD2.5bn to USD4.8bn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weekly CFTC Sentiment Report - Bearish USD Sentiment Moderates

Head of Research, Steno Research

Emil Moller

Head of Research

Cross Asset Strategy

<ul><li>Hello everyone, and welcome back to our weekly Portfolio Watch.</li><li>Here, we delve into the performance of our portfolio and take a close look at the ever-changing landscape of financial markets.</li><li>Our decision to pivot towards energy and other traditional sectors seems to have been well-timed.</li></ul>

Hello everyone, and welcome back to our weekly Portfolio Watch.Here, we delve into the performance of our portfolio and take a close look at the ever-changing landscape of financial markets.Our decision to pivot towards energy and other traditional sectors seems to have been well-timed.

Japan

The Japanese yen is the official currency of Japan. 

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FX Nugget: What Policy Normalization? The BoJ Is as Interventionist as Ever….

Markets are stuck in a discussion on the JPY this morning as BoJ governor Ueda and PM Kishida held a meeting allegedly discussing FX...

Steno Research

Rates & FX nugget: The PBoC doom-loop

In our “Nugget series” we aim at visualizing the most important themes in global macro with a few timely charts and very few words. Today we will...

Steno Research

FX Daily - USD Firm but Off Early High in Quiet Trade

Slightly firmer than expected PPI figures Friday gave US yields some additional lift before markets slipped modestly on the back of weaker...

Scotiabank

Weekly CFTC Sentiment Report - Bearish USD Sentiment Moderates

Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD

Scotiabank

Portfolio Watch: Navigating Crossroads

We delve into the performance of our portfolio and take a close look at the ever-changing landscape of financial markets.

Steno Research

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