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.

Macro and Geopolitical Research House

Asset Watch: From a Recession to a Soft Landing to a Raging Boom in Just One Week

Asset Allocation Watch: Introducing Our Macro Regime Indicator Methodology

US Inflation Watch – Charts, Charts, Charts

U.S Debt Ceiling Countdown - 6 Charts on How the Debt Ceiling Affects Markets

The Dollar O’ Meter #1 – 5 Ways to Gauge the Usd Outlook

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Seek carry / exposure in Eastern Europe, if you think the USD will weaken further - it is your best BETA</li>
<li>Prefer metals to oil as the correlation between a weaker USD and higher commodity prices is stronger and more stable in precious -and industrial metals over time</li>
<li>Hold less (USD) cash than in 2022 as investors will seek for the USD cash exit door</li>
</ul>


Seek carry / exposure in Eastern Europe, if you think the USD will weaken further - it is your best BETA
Prefer metals to oil as the correlation between a weaker USD and higher commodity prices is stronger and more stable in precious -and industrial metals over time
Hold less (USD) cash than in 2022 as investors will seek for the USD cash exit door


Asset Allocation Watch - How to Position for USD Weakness?