Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

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>Global macro never sleeps, and this week is no exception with ongoing turmoil at the BOJ amidst their decision to change the YCC policy.</li><li>As always, we have collected 5 of the things we find to be the most important to watch in the current landscape.</li><li>YCC flexibility from the BOJ and more JPY weakness to come?</li></ul>

Global macro never sleeps, and this week is no exception with ongoing turmoil at the BOJ amidst their decision to change the YCC policy.As always, we have collected 5 of the things we find to be the most important to watch in the current landscape.YCC flexibility from the BOJ and more JPY weakness to come?

5 Things We Watch – BOJ, JPY, Treasury, Equities & Portfolio

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

FX & Rates

<ul><li>Hello everyone, and welcome to a shorter piece on where to find fundamental value in the current FX environment.</li><li>We’ll take a trip back to the theory books and use some of the good old correlations and fundamental value metrics to give some insights on the best FX bets now that the tightening cycle is likely soon coming to an end.</li><li>Read along, as we run through the most important pairs below.</li></ul>

Hello everyone, and welcome to a shorter piece on where to find fundamental value in the current FX environment.We’ll take a trip back to the theory books and use some of the good old correlations and fundamental value metrics to give some insights on the best FX bets now that the tightening cycle is likely soon coming to an end.Read along, as we run through the most important pairs below.

Macroeconomics

<ul><li>The quarterly refunding report from the US Treasury was far from the issuance-bazooka that some had expected.</li><li>There was no move in the target for the Treasury General Account either as we had expected, but it is not a reason to celebrate for bond bulls anyway.</li><li>Let’s have a look at the details and the consequences for USD liquidity.</li></ul>

The quarterly refunding report from the US Treasury was far from the issuance-bazooka that some had expected.There was no move in the target for the Treasury General Account either as we had expected, but it is not a reason to celebrate for bond bulls anyway.Let’s have a look at the details and the consequences for USD liquidity.

Liquidity & Treasury Watch: The Ramifications of the Quarterly Refunding Report

<ul>
<li>Take aways: Correlation in the electricity and natural gas markets in Europe is increasing. Could energy stocks and commodities be the new diversifier?</li>
<li>JPY should be even weaker considering Nat Gas flows. This week an interesting development in the correlation between electricity prices and natural prices caught our attention as seen in the below chart.</li>
<li>Over the last 3 years we have seen the correlation between the two move higher and higher to a point where electricity prices are almost a mirrored reflection of what is going on in the gas markets.</li>
</ul>


Take aways: Correlation in the electricity and natural gas markets in Europe is increasing. Could energy stocks and commodities be the new diversifier?
JPY should be even weaker considering Nat Gas flows. This week an interesting development in the correlation between electricity prices and natural prices caught our attention as seen in the below chart.
Over the last 3 years we have seen the correlation between the two move higher and higher to a point where electricity prices are almost a mirrored reflection of what is going on in the gas markets.


Energy Cable #44 – Energy as a Diversifier + JPY Focus

Head of Research, Steno Research

Emil Moller

Head of Research

<ul><li>Hello, everyone, and welcome to our weekly Positioning Watch! I’m certain that our dedicated readers have noticed the absence of last weekend’s edition, but fear not, we’re back with a vengeance today! Typically, we release Positioning Watch every Saturday.</li><li>However, we’ve observed that many of our readers actually prefer to peruse it on Mondays so why not add everything that may occur in a weekend?</li><li>Therefore, we’ve decided to shift our release schedule to every Monday.</li></ul>

Hello, everyone, and welcome to our weekly Positioning Watch! I’m certain that our dedicated readers have noticed the absence of last weekend’s edition, but fear not, we’re back with a vengeance today! Typically, we release Positioning Watch every Saturday.However, we’ve observed that many of our readers actually prefer to peruse it on Mondays so why not add everything that may occur in a weekend?Therefore, we’ve decided to shift our release schedule to every Monday.

United States

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

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5 Things We Watch – BOJ, JPY, Treasury, Equities & Portfolio

Global macro never sleeps, and this week is no exception with ongoing turmoil at the BOJ amidst their decision to change the YCC policy. As...

Steno Research

FX Watch – Exploring FX Fundamentals

We’ll take a trip back to the theory books and use some of the good old correlations and fundamental value metrics to give some insights on the...

Steno Research

Liquidity & Treasury Watch: The Ramifications of the Quarterly Refunding Report

There was no move in the target for the Treasury General Account either as expected, but it is not a reason to celebrate for bond bulls. Let’s look...

Steno Research

Energy Cable #44 – Energy as a Diversifier + JPY Focus

Correlation in the electricity and natural gas markets in Europe is increasing. Could energy stocks and commodities be the new diversifier?

Steno Research

Positioning Watch: Who Blinks First?

TLT inflows have been consistently positive for several months, indicating a strong trend. However, early investors find themselves in under...

Steno Research

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