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>As Norges Bank gears up for its upcoming meeting on Thursday, all eyes are on the new rate path.</li><li>It’s widely expected that the central bank will maintain its current rates, putting the spotlight squarely on the future direction of rates.</li><li>Here’s what we can discern from the key components feeding into Norges Bank’s rate path model ahead of the decision.</li></ul>

As Norges Bank gears up for its upcoming meeting on Thursday, all eyes are on the new rate path.It’s widely expected that the central bank will maintain its current rates, putting the spotlight squarely on the future direction of rates.Here’s what we can discern from the key components feeding into Norges Bank’s rate path model ahead of the decision.

Scandi Watch: Stay long NOK (and pay NOK rates) into Norges Bank

External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

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<ul><li>Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.</li><li>Overall issuance from Norway was approx. 3x that of last year incl. covered prints. Swedish names also printed in EUR, but the trend continues with less issuance compared to last year.</li><li>USD issuance YTD has been elevated compared to previous years with an uptick from last year by non-USD issuers printing in USD. </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.

Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.Overall issuance from Norway was approx. 3x that of last year incl. covered prints. Swedish names also printed in EUR, but the trend continues with less issuance compared to last year.USD issuance YTD has been elevated compared to previous years with an uptick from last year by non-USD issuers printing in USD. 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.

<ul><li>Everything you need to know about the key figures in the week ahead and how we trade them.</li><li>This week we focus on the BoE, the Riksbank, Norwegian CPI numbers and Japanese wage-flation.</li><li>Markets see August as the most likely timing for a cut from the Bank of England and as the March inflation report surprised on the high side of consensus, the services inflation still runs at a 0.4-0.5% MoM pace adjusted for seasonality.</li></ul>

Everything you need to know about the key figures in the week ahead and how we trade them.This week we focus on the BoE, the Riksbank, Norwegian CPI numbers and Japanese wage-flation.Markets see August as the most likely timing for a cut from the Bank of England and as the March inflation report surprised on the high side of consensus, the services inflation still runs at a 0.4-0.5% MoM pace adjusted for seasonality.

The week at a glance: A couple of central bank surprises on the cards?

<ul><li>Hello everyone, and welcome back to our weekly portfolio watch.</li><li>A slightly positive week for our macro portfolio, which after a couple of days of sell-off in equities have gained ground again after the FOMC meeting Wednesday, revealing the Fed’s intend of lowering the monthly redemption cap on USTs from USD 60 bn. to USD 25 bn.</li><li>The slight dovish narrative is back in market pricing, and the mix of dovish central bank vibes and added liquidity will likely rule markets in the coming weeks, as economic data from the US will continue its run.</li></ul>

Hello everyone, and welcome back to our weekly portfolio watch.A slightly positive week for our macro portfolio, which after a couple of days of sell-off in equities have gained ground again after the FOMC meeting Wednesday, revealing the Fed’s intend of lowering the monthly redemption cap on USTs from USD 60 bn. to USD 25 bn.The slight dovish narrative is back in market pricing, and the mix of dovish central bank vibes and added liquidity will likely rule markets in the coming weeks, as economic data from the US will continue its run.

Portfolio Watch – Time for liquidity bets

<ul><li>Welcome to our weekly Portfolio Watch! We have had a strong week in our portfolio with a USD-reflationary lean, but we are starting to contemplate how to deal with contagion from a continued rise in USD versus Asian FX pairs, especially if the increasing latent risk of a major devaluation of the CNY comes into fruition.</li><li>There is currently no respite for the Asian FX pairs as all major forward looking models point to a reacceleration of US inflation trends from the current plateau around 3.5% YoY.</li><li>We will look at the devaluation risks in detail tomorrow in our weekly “Steno Signals”, but will pinpoint value pockets in markets already today in our Portfolio Watch.</li></ul>

Welcome to our weekly Portfolio Watch! We have had a strong week in our portfolio with a USD-reflationary lean, but we are starting to contemplate how to deal with contagion from a continued rise in USD versus Asian FX pairs, especially if the increasing latent risk of a major devaluation of the CNY comes into fruition.There is currently no respite for the Asian FX pairs as all major forward looking models point to a reacceleration of US inflation trends from the current plateau around 3.5% YoY.We will look at the devaluation risks in detail tomorrow in our weekly “Steno Signals”, but will pinpoint value pockets in markets already today in our Portfolio Watch.

Portfolio Watch: No respite for Asian FX.. How to deal with it?

Norway

The Norwegian krone is the official currency of the Kingdom of Norway.  The US dollar is the official currency of the United States of America.

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NOK (USDNOK CURNCY)

Scandi Watch: Stay long NOK (and pay NOK rates) into Norges Bank

As Norges Bank gears up for its upcoming meeting on Thursday, all eyes are on the new rate path. It’s widely expected that the central bank will...

Steno Research

Nordea XCCY publication: May Edition

Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.

Nordea

The week at a glance: A couple of central bank surprises on the cards?

Welcome to “The Week At A Glance”. Everything you need to know about the key figures in the week ahead and how we trade them. This week we focus...

Steno Research

Portfolio Watch – Time for liquidity bets

Hello everyone, and welcome back to our weekly portfolio watch. A slightly positive week for our macro portfolio, which after a couple of days of...

Steno Research

Portfolio Watch: No respite for Asian FX.. How to deal with it?

Welcome to our weekly Portfolio Watch!We have had a strong week in our portfolio with a USD-reflationary lean, but we are starting to contemplate...

Steno Research

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52-week Range

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