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>Welcome to our weekly ‘5 Things We Watch’, where we take you through 5 of the things we look out for in global macro.</li><li>With markets hawking up Fed expectations, Euro Area inflation surprising on the downside, and commodities breaking out technically, there are plenty of things to shed some light on!</li><li>This week we are watching out for the following 5 topics within global macro:  <ul><li style="font-weight: 400;">EUR-Inflation</li><li style="font-weight: 400;">Central Banks pricing</li><li style="font-weight: 400;">The Business Cycle</li><li style="font-weight: 400;">Fixed Income Positioning</li><li style="font-weight: 400;">Commodities </li></ul></li></ul>

Welcome to our weekly ‘5 Things We Watch’, where we take you through 5 of the things we look out for in global macro.With markets hawking up Fed expectations, Euro Area inflation surprising on the downside, and commodities breaking out technically, there are plenty of things to shed some light on!This week we are watching out for the following 5 topics within global macro:  EUR-InflationCentral Banks pricingThe Business CycleFixed Income PositioningCommodities 

5 Things We Watch – EUR-Inflation, Central Banks, The Business Cycle, Positioning & Commodities

<ul><li>Welcome to our Monthly Macro Regime monitor.</li><li>Coming into March, we wrote that “We see little change to the optimistic and risk-favoring sentiment for March, and we thus remain in the goldilocks ‘Gung Ho’ regime.</li><li>With tailwinds from both liquidity and growth, we continue to see a great case for continuing to move/stay further out of the risk curve when it comes to allocation.</li></ul>

Welcome to our Monthly Macro Regime monitor.Coming into March, we wrote that “We see little change to the optimistic and risk-favoring sentiment for March, and we thus remain in the goldilocks ‘Gung Ho’ regime.With tailwinds from both liquidity and growth, we continue to see a great case for continuing to move/stay further out of the risk curve when it comes to allocation.

Macro Regime Indicator:  From Stealth QE to Stealth QT

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

<ul><li>Solid PMI numbers out of China supporting the reflation story</li><li>Steel Production looks ok. There is still potential for the USD to throw a wrench in the works</li><li>This week we’ll pick up where we left off last week and continue to talk about China as we have had a surprise in PMI numbers.</li></ul>

Solid PMI numbers out of China supporting the reflation storySteel Production looks ok. There is still potential for the USD to throw a wrench in the worksThis week we’ll pick up where we left off last week and continue to talk about China as we have had a surprise in PMI numbers.

Energy Cable #63: It is still all eyes on China

<ul><li>Morning from Europe with low activity across markets due to Easter Friday.</li><li>Our daily coverage returns on Tuesday (including Something for your Espresso dailies).</li><li>The inflation evidence from Europe has been extremely soft this week and it rhymes VERY well with our tactical view of much wider USD-EUR inflation spreads.</li></ul>

Morning from Europe with low activity across markets due to Easter Friday.Our daily coverage returns on Tuesday (including Something for your Espresso dailies).The inflation evidence from Europe has been extremely soft this week and it rhymes VERY well with our tactical view of much wider USD-EUR inflation spreads.

Portfolio Watch: Inflation DIVERGENCE is growing

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 little changed against the major currencies overall.</li><li>Markets appear to have an eye on month-end and the long weekend already and movement in the core majors is very limited on the session so far.</li><li>Only a few pairs are trading more than +/- 0.1% on day at this point. Stocks are mixed to slightly firmer while Treasurys are flat. </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 little changed against the major currencies overall.Markets appear to have an eye on month-end and the long weekend already and movement in the core majors is very limited on the session so far.Only a few pairs are trading more than +/- 0.1% on day at this point. Stocks are mixed to slightly firmer while Treasurys are flat. 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 - JPY Nudges Higher After Officials Meet

United States

The US dollar is the official currency of the United States of America.

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USD (USD CURNCY)

5 Things We Watch – EUR-Inflation, Central Banks, The Business Cycle, Positioning & Commodities

Welcome to our weekly ‘5 Things We Watch’, where we take you through 5 of the things we look out for in global macro. With markets hawking up Fed...

Steno Research

Macro Regime Indicator: From Stealth QE to Stealth QT

Welcome to our Monthly Macro Regime monitor. Coming into March, we wrote that “We see little change to the optimistic and risk-favoring sentiment...

Steno Research

Energy Cable #63: It is still all eyes on China

Solid PMI numbers out of China supporting the reflation story. Steel Production looks ok. There is still potential for the USD to throw a wrench in...

Steno Research

Portfolio Watch: Inflation DIVERGENCE is growing

Morning from Europe with low activity across markets due to Easter Friday. Our daily coverage returns on Tuesday (including Something for your...

Steno Research

FX Daily - JPY Nudges Higher After Officials Meet

Markets appear to have an eye on month-end and the long weekend already and movement in the core majors is very limited on the session so far.

Scotiabank

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