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>It is a big central bank week with the FOMC meeting concluding on Wednesday, while four of the bigger European central banks report/decide on Thursday.</li><li>US: Can the Fed pause with accelerating inflation?</li><li>Nothing is priced for this meeting but we expect the updated projections to include another hike in the modal outcome from the FOMC members.</li></ul>

It is a big central bank week with the FOMC meeting concluding on Wednesday, while four of the bigger European central banks report/decide on Thursday.US: Can the Fed pause with accelerating inflation?Nothing is priced for this meeting but we expect the updated projections to include another hike in the modal outcome from the FOMC members.

Central Bank Watch: 5 charts on the Central Bank bonanza week!

<ul>
<li>Over the past week we received the monthly Fund Manager survey suggesting that UK and Europe are now (clearly) underweight relative to benchmark allocations, while also China is essentially un-investable according to the survey.</li>
<li>Interestingly, the survey also reveals that managers are still not net/net long Energy relative to benchmarks, which is an interesting observation given the performance in that sector in recent months.</li>
<li>With energy outperforming indices, higher rates typically follow as well.</li>
</ul>


Over the past week we received the monthly Fund Manager survey suggesting that UK and Europe are now (clearly) underweight relative to benchmark allocations, while also China is essentially un-investable according to the survey.
Interestingly, the survey also reveals that managers are still not net/net long Energy relative to benchmarks, which is an interesting observation given the performance in that sector in recent months.
With energy outperforming indices, higher rates typically follow as well.


Positioning Watch: Energy is not (yet) a consensus

Head of Research, Steno Research

Emil Moller

Head of Research

Cross Asset Strategy

<ul><li>Here, we’re all about diving into market positioning to uncover some exciting insights about the bigger picture.</li><li>As always, we’ll be digging into the data, pulling out the key points, and spotting the most interesting market trends for you.</li><li>Without further ado let’s jump right into itAs we cautioned back in July, it’s no surprise that volatility has been on the rise throughout August.</li></ul>

Here, we’re all about diving into market positioning to uncover some exciting insights about the bigger picture.As always, we’ll be digging into the data, pulling out the key points, and spotting the most interesting market trends for you.Without further ado let’s jump right into itAs we cautioned back in July, it’s no surprise that volatility has been on the rise throughout August.

Positioning Watch: Has the August Pain Weakened the Bulls?

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 generally softer so far today after four consecutive daily gains that have taken the DXY index to test its 200-day MA.</li><li>That benchmark is holding for a third consecutive day and a lower closer on the session today would give the charts an obviously more negative look.</li><li>Still, firm US Retail Sales data yesterday add to signs that the US economy continues to move along at a very decent clip. </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 generally softer so far today after four consecutive daily gains that have taken the DXY index to test its 200-day MA.That benchmark is holding for a third consecutive day and a lower closer on the session today would give the charts an obviously more negative look.Still, firm US Retail Sales data yesterday add to signs that the US economy continues to move along at a very decent clip. 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 - USD Slips Back, GBP Outperforms on CPI

<ul><li>The USD is trading firmly but is off earlier highs on the session as US yields help shape FX trends.</li><li>Slightly firmer than expected PPI figures Friday gave US yields some additional lift before markets slipped modestly on the back of weaker inflation expectations in the U. Michigan data.</li><li>USD sentiment appears to be improving somewhat; Friday’s CFTC data showed some reduction in overall short USD positioning, mainly reflecting a large-ish reduction in net EUR longs over the week. </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 firmly but is off earlier highs on the session as US yields help shape FX trends.Slightly firmer than expected PPI figures Friday gave US yields some additional lift before markets slipped modestly on the back of weaker inflation expectations in the U. Michigan data.USD sentiment appears to be improving somewhat; Friday’s CFTC data showed some reduction in overall short USD positioning, mainly reflecting a large-ish reduction in net EUR longs over the week. 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 - USD Firm but Off Early High in Quiet Trade

Switzerland

The Swiss franc is the official currency of Switzerland.

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CHF (USDCHF CURNCY)

Central Bank Watch: 5 charts on the Central Bank bonanza week!

It is a big central bank week with the FOMC meeting concluding on Wednesday, while four of the bigger European central banks report/decide on...

Steno Research

Positioning Watch: Energy is not (yet) a consensus

Over the past week we received the monthly Fund Manager survey suggesting that UK and Europe are now (clearly) underweight relative to benchmark...

Steno Research

Positioning Watch: Has the August Pain Weakened the Bulls?

Here, we’re all about diving into market positioning to uncover some exciting insights about the bigger picture. As always, we’ll be digging into...

Steno Research

FX Daily - USD Slips Back, GBP Outperforms on CPI

The USD is trading generally softer so far today after four consecutive daily gains that have taken the DXY index to test its 200-day MA.

Scotiabank

FX Daily - USD Firm but Off Early High in Quiet Trade

Slightly firmer than expected PPI figures Friday gave US yields some additional lift before markets slipped modestly on the back of weaker...

Scotiabank

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)