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>Welcome back to the weekly Positioning Watch, where we crunch through the positioning data and point out the biggest positioning trends in global markets.</li><li>Main takeaway: Bond bears had a significant setback this week following a mild inflation report – and that comes after a substantial surge in yields the previous week.</li><li>Now, we eagerly examine the market’s repositioning here in the aftermath of the reversal.</li></ul>

Welcome back to the weekly Positioning Watch, where we crunch through the positioning data and point out the biggest positioning trends in global markets.Main takeaway: Bond bears had a significant setback this week following a mild inflation report – and that comes after a substantial surge in yields the previous week.Now, we eagerly examine the market’s repositioning here in the aftermath of the reversal.

Positioning Watch – Preparing for (dis)inflation?

<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

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

FX & Rates

<ul>
<li>With EUR QT now increasing in speed we look at the ramifications</li>
<li>EUR liquidity matters for EUR markets and FX/Rates in particular</li>
<li>QT and TLTROs will now lead to declining liquidity in EUR </li>
</ul>


With EUR QT now increasing in speed we look at the ramifications
EUR liquidity matters for EUR markets and FX/Rates in particular
QT and TLTROs will now lead to declining liquidity in EUR 


ECB Watch: 6 Charts on How EUR QT Impacts Markets

Founder, TPW Advisory

TPW Advisory

Founder

Independent Investment Advisory Boutique

TPW Advisory is an independent investment advisory boutique located in NYC offering asset allocation & portfolio strategy advice, white label research and global, multi asset ETF based model portfolio delivery services.

<ul><li>The past few years have felt very sped up – dealing with the 3Cs of Covid, Climate &amp; Conflict in an Age of Speed will do that.</li><li>Now we are thru Covid &amp; past the energy shock and attendant inflation spike, its time to focus on what comes next – the birth of the new.</li><li>Birthing something takes time, is often messy and can mess with one’s head.</li></ul>

The past few years have felt very sped up – dealing with the 3Cs of Covid, Climate &amp; Conflict in an Age of Speed will do that.Now we are thru Covid &amp; past the energy shock and attendant inflation spike, its time to focus on what comes next – the birth of the new.Birthing something takes time, is often messy and can mess with one’s head.

TPW Advisory June Monthly: The Birth Of The New

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>USD rise met tactical rally objectives. USD dip/rally sequence in play with a focus on adding to the USD near DXY 103 and gunning for 105.80.</li>
<li>Euro, NZD, AUD. USD/JPY. ZAR. Re cycle game plan. Sterling and SGD our USD dip bets to overlap with USD long reduce zones.</li>
<li>US 10yr 3.80% yield top call with 3.40% pocket support. Yield will be pivotal in a near term USD dip sequence.</li>
</ul>


USD rise met tactical rally objectives. USD dip/rally sequence in play with a focus on adding to the USD near DXY 103 and gunning for 105.80.
Euro, NZD, AUD. USD/JPY. ZAR. Re cycle game plan. Sterling and SGD our USD dip bets to overlap with USD long reduce zones.
US 10yr 3.80% yield top call with 3.40% pocket support. Yield will be pivotal in a near term USD dip sequence.


United States

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

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Positioning Watch – Preparing for (dis)inflation?

Welcome back to the weekly Positioning Watch, where we crunch through the positioning data and point out the biggest positioning trends in global...

Steno Research

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

ECB Watch: 6 Charts on How EUR QT Impacts Markets

We release our chart book on the connection between EUR liquidity and moves in EUR markets. The ECB ramps up QT from July onwards and TLTRO...

Steno Research

TPW Advisory June Monthly: The Birth Of The New

The past few years have felt very sped up – dealing with the 3Cs of Covid, Climate & Conflict in an Age of Speed will do that.

TPW Advisory

Next USD Trade

USD rise met tactical rally objectives. USD dip/rally sequence in play with a focus on adding to the USD near DXY 103 and gunning for 105.80....

Thomas Schroeder

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