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

EUR Inflation Watch – It’s all about energy and food

Macro Nugget: US Real Estate and Interest Rates

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>We have added a few Europe skeptical bets to our portfolio lately with short GBP/USD and EUR/KRW based on the logic that the Asian malaise will spill-over to Europe with a time lag of 2-3 months.</li><li>After all, Europe is still the region (ex. Oceania) with the largest relative export-ties with China.</li><li>The USD wrecking ball has mostly terrorized Asian FX so far, while European FX has remained more resilient. We see this as one of the best relative value trades in macro terms right now and find EUR/KRW shorts attractive accordingly.</li></ul>

We have added a few Europe skeptical bets to our portfolio lately with short GBP/USD and EUR/KRW based on the logic that the Asian malaise will spill-over to Europe with a time lag of 2-3 months.After all, Europe is still the region (ex. Oceania) with the largest relative export-ties with China.The USD wrecking ball has mostly terrorized Asian FX so far, while European FX has remained more resilient. We see this as one of the best relative value trades in macro terms right now and find EUR/KRW shorts attractive accordingly.

Portfolio Watch: Waiting for Godot, Powell and 7.30