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 breakout of the DXY bull wedge (Euro bear wedge) is gaining traction and will find additional fuel in June when the SPX faces a weaker cycle.</li>
<li>Euro turn at macro resistance has legs. USD/JPY bull call from 130 has macro implications on follow through strength and will bleed into Asia FX. </li>
<li>USD vs SGD and IDR saw key macro turns. KRW and commodity currencies have led. USD/ZAR was out top pick in EM and is on fire.</li>
</ul>


USD breakout of the DXY bull wedge (Euro bear wedge) is gaining traction and will find additional fuel in June when the SPX faces a weaker cycle.
Euro turn at macro resistance has legs. USD/JPY bull call from 130 has macro implications on follow through strength and will bleed into Asia FX. 
USD vs SGD and IDR saw key macro turns. KRW and commodity currencies have led. USD/ZAR was out top pick in EM and is on fire.


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.

FX & Rates

<ul>
<li>The USD debt ceiling is a returning topic and it's typically not overly important for markets, but this time is likely to be different. </li>
<li>He repercussions for USD funding markets may be material and in sharp contrast to consensus expectations the USD may stage the biggest comeback since Lazarus.</li>
<li>In this piece we elaborate why you should expect volatility in USD funding rates in coming weeks</li>
</ul>


The USD debt ceiling is a returning topic and it's typically not overly important for markets, but this time is likely to be different. 
He repercussions for USD funding markets may be material and in sharp contrast to consensus expectations the USD may stage the biggest comeback since Lazarus.
In this piece we elaborate why you should expect volatility in USD funding rates in coming weeks


USD Watch: Markets Vastly Underestimate the Impact on USD Funding from the Debt Ceiling

Marketing Director, Asia Frontier Capital

Asia Frontier Capital

Marketing Director

Investing in high growth Asian frontier economies.

Asia Frontier Capital Ltd. is a pioneering fund management company based in Hong Kong that specializes in investing in high growth Asian frontier economies by managing the AFC Asia Frontier Fund , AFC Iraq Fund and the AFC Vietnam Fund.

The AFC Asia Frontier Fund invests in public equities of Asian frontier countries that are seeing increasing consumption due to favorable demographic trends, rising incomes and high GDP growth. The fund invests in listed equities of companies that have their principal business activities in Bangladesh, Bhutan, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam. The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries and offers high returns combined with significant diversification opportunities. This fund is directed by the founder and CEO of Asia Frontier Capital, Thomas Hugger, who has been investing in frontier markets across Asia and Africa for more than 20 years.

The AFC Iraq Fund was launched on the 26th June 2015 and aims to achieve long-term capital appreciation for investors by capturing value and growth potential in the post conflict high-growth & resource rich Iraq market. The fund emphasises long term investment horizon to truly capture the opportunity in Iraq. The fund's investable universe consists of locally listed companies that have their principal business activities in Iraq as well as foreign listed companies that have the majority of the business in Iraq as a whole including the prosperous Kurdish Region of Iraq (KRI). The AFC Iraq Fund offers access to investments in post conflict recovery potential of Iraq, including the KRI, and/or stability in its territory. The AFC Iraq Fund is managed by Asia Frontier Capital (Iraq) Limited, Cayman Islands under the executive leadership team of Thomas Hugger (CEO & Fund Manager) and Ahmed Tabaqchali (CIO) who have more than 47 years of investment experience as well as an extensive background covering global, emerging, frontier and MENA markets.

The AFC Vietnam Fund invests exclusively in listed Vietnamese equities to capture value in growth companies with a focus on the small to medium size companies. This market segment offers a unique investment opportunity as the valuation gap between large- and small-cap stocks in Vietnam is presently much wider than in comparable neighboring markets and the valuations are significantly depressed versus their regional peers. The fund adopts a fundamental-quantitative approach and employs an in-house earnings model to identify attractive companies where we see high growth opportunities. In conjunction with targeting the maximum upside potential the portfolio has been structured to mitigate corporate government and liquidity risks. The fund invests in a diversified portfolio of 70-90 attractively valued companies to carefully control concentration risk.  This approach allows the fund to sell, or buy, positions without having a significant market impact. The fund is directed under the executive leadership of Thomas Hugger and Andreas Vogelsanger who have more than 50 years combined experience managing investments in frontier markets, Asia and around the world.

For more information about the fund, management team and investment strategy please contact us at info@asiafrontiercapital.com.

Cross Asset Strategy

<ul><li>The AFC Iraq Fund was up 15.9% in April, outperforming its benchmark, the Rabee Securities RSISX USD Index, which was up 12.5% for the month.</li><li>For the year, the AFC Iraq Fund is up an estimated 47.9% outperforming the index’s increase of 36.7%.</li><li>The market and the fund’s solid performance for the second month in a row on the back of February’s super performance enhanced by a revalued currency, underscores the underlying strength of the market’s recovery that has discounted the currency’s upheaval, as discussed here recently, and is beginning to discount its stability. </li></ul>

The AFC Iraq Fund was up 15.9% in April, outperforming its benchmark, the Rabee Securities RSISX USD Index, which was up 12.5% for the month.For the year, the AFC Iraq Fund is up an estimated 47.9% outperforming the index’s increase of 36.7%.The market and the fund’s solid performance for the second month in a row on the back of February’s super performance enhanced by a revalued currency, underscores the underlying strength of the market’s recovery that has discounted the currency’s upheaval, as discussed here recently, and is beginning to discount its stability. 

AFC Iraq Fund April 2023 Update: "Tag Ends of Currency Upheaval Sparks Market Rally"

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

<ul>
<li>While the market has aggressively moved the US rates and the rate expectations lower, the European rates are pricing in higher for longer, with a rate hike possibility still on the cards.</li>
<li>In the current market environment, the Dollar crosses are driven by rate differential and sentiment rather than growth differential and geopolitical risk of the Ukraine war.</li>
<li>The Cross rate and the 13-day RSI are overlaid with two standard deviations Bollinger Bands to plot the mean reversion boundaries.</li>
</ul>


While the market has aggressively moved the US rates and the rate expectations lower, the European rates are pricing in higher for longer, with a rate hike possibility still on the cards.
In the current market environment, the Dollar crosses are driven by rate differential and sentiment rather than growth differential and geopolitical risk of the Ukraine war.
The Cross rate and the 13-day RSI are overlaid with two standard deviations Bollinger Bands to plot the mean reversion boundaries.


Data-Driven Analysis of Cryptocurrency Markets, Kaiko

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information. Our mission is premised on the idea that high-quality data drives market efficiency and greater transparency throughout the industry. For each of our enterprise clients, we build custom data plans designed for a range of use cases.

Crypto

<ul><li>Crypto markets are at their most volatile when liquidity is low.</li><li>Prices have less support to both the downside and the upside, which could explain BTC’s rapid +17% surge since the start of the month.</li><li>Liquidity has also become a hot topic in traditional financial markets as the banking sector reels from several high-profile collapses.</li></ul>

Crypto markets are at their most volatile when liquidity is low.Prices have less support to both the downside and the upside, which could explain BTC’s rapid +17% surge since the start of the month.Liquidity has also become a hot topic in traditional financial markets as the banking sector reels from several high-profile collapses.

United States

The euro is the official currency of the European Economic & Monetary Union.  The US dollar is the official currency of the United States of America.

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USD Breakout

USD breakout of the DXY bull wedge (Euro bear wedge) is gaining traction and will find additional fuel in June when the SPX faces a weaker cycle....

Thomas Schroeder

USD Watch: Markets Vastly Underestimate the Impact on USD Funding from the Debt Ceiling

The USD debt ceiling is a returning topic and it's typically not overly important for markets, but this time is likely to be different. The...

Steno Research

AFC Iraq Fund April 2023 Update: "Tag Ends of Currency Upheaval Sparks Market Rally"

The AFC Iraq Fund was up 15.9% in April, outperforming its benchmark, the Rabee Securities RSISX USD Index, which was up 12.5% for the month.

Asia Frontier Capital

EURO-USD Cross Rate

While the market has aggressively moved the US rates and the rate expectations lower, the European rates are pricing in higher for longer, with a...

Untying The Gordian Knot

The State of Liquidity in Crypto Markets

Prices have less support to both the downside and the upside, which could explain BTC’s rapid +17% surge since the start of the month.

Kaiko

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52-week Range

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