Macro Dragon: Welcome to WK # 26... Macro Dragon: Welcome to WK # 26... Macro Dragon: Welcome to WK # 26...

Macro Dragon: Welcome to WK # 26...

Macro 2 minutes to read
Kay Van-Petersen

Global Macro Strategist

Summary:  Macro Dragon = Cross-Asset Daily Views that could cover anything from tactical positioning, to long-term thematic investments, key events & inflection points in the markets, all with the objective of consistent wealth creation overtime.

(These are solely the views & opinions of KVP, & do not constitute any trade or investment recommendations. By the time you synthesize this, things may have changed.)

Macro Dragon: Welcome to WK # 26...


Top of Mind…

  • Happy Monday Folks & Welcome to WK # 26… Hope everyone had a safe, restful & in some cases globally – impactfull wkd. Lastly, a Happy Father’s day to the people out there who have stepped up to being the absolute best fathers that they can be.
  • What kind of week are you trying to have?
  • Hard to imagine, we are almost half way through the year – for some reason, feels like we are already in 2021! Meanwhile when you look at the protests globally, looks like a copy past from the 1960s & 1920s!
  • So far Asia Mon morning, start of the wk seems neither there nor here. US EQ futures are a touch up by +0.30% to +0.40%, yet rest of Asia Equities are mixed so far.
  • Meanwhile the dollar is neither here not there, it is interesting to see the grind up in precious metals continues as we see gold up c. +0.80% at 1757 lvls… & silver almost +2% at c. 17.96. Gold around these $1750 lvls is big deal, as if we get a weekly close (preferably two) it could signal that we are finally breaking out of the $1680 / 1700 / 1725 / 1750 trading range of the last few months. 
  • From an economic & central bank perspective, this wk should be much lighter than last wk. Flash PMIs are the theme from an economic data standpoint, as well as durable good, CORE PCE & final 1Q GDP out of the US.
  • There are a few central bank governors speaking from the likes of BoC, BoE & the RBA. Yet actual decision will be coming out of New Zealand, Thailand, Philippines, Turkey & Mexico – with a skew between staying put, or cutting rates.
  • Central Banks: New Zealand, Thailand, Philippines, Turkey & Mexico.
  • Holidays: No major holidays due, yet worth keeping in mind two wkds from now will be 4th of July wkd in the US, which will be likely be the most important in decades given the combination of Covid-19, social instability, protests around police brutality & systematic segregation, as well as the final stretch of the US presidential elections.      
  • US: Flash PMIs, Housing Data, Rich Mfg, Durable Goods, Final 1Q GDP -5.0%e/p, PCE, Personal Income & Spending
  • CH: Industrial Profits
  • EZ: Flash PMIs, M3 Money supply, Consumer Confidence
  • JP: Flash PMIs, BoJ Core CPI, BoJ Mins, All Industries Activity
  • UK: Flash PMIs, BoE Gov Bailey speaking, Bond Auctions, BoE Quarterly Bulletin
  • AU: Flash PMIs, RBA Gov Lowe speaking
  • NZ: RBNZ, Credit Card Spending, Trade Balance
  • CA: BoC New Gov Macklem speaking


Start-End = Gratitude+Integrity+Vision. Create Luck. Process > Outcome. Sizing > Idea.




The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.