Details Cookies
Important margin product information

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money.

Cookie policy

This website uses cookies to offer you a better browsing experience by enabling, optimising and analysing site operations, as well as to provide personalised ad content and allow you to connect to social media. By choosing “Accept all” you consent to the use of cookies and the related processing of personal data. Select “Manage consent” to manage your consent preferences. You can change your preferences or retract your consent at any time via the cookie policy page. Please view our cookie policy here and our privacy policy here

Macro Dragon: Welcome to WK # 32... RBA, Final PMIs, ISMs+ NFP, Biden's VP Macro Dragon: Welcome to WK # 32... RBA, Final PMIs, ISMs+ NFP, Biden's VP Macro Dragon: Welcome to WK # 32... RBA, Final PMIs, ISMs+ NFP, Biden's VP

Macro Dragon: Welcome to WK # 32... RBA, Final PMIs, ISMs+ NFP, Biden's VP

Macro 2 minutes to read

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 # 32...


Top of Mind…

  • Happy Monday Folks & Welcome to WK # 32

  • Hope everyone had yet another fabulous wkd & for those of you already kicking your shoes off for some holidays in the Northern Hemisphere summer – enjoy!

  • These sides in SG, some of us are arbing the long holiday wkd & counting down to National day on Aug 9th, which will extend to Mon Aug 10th being a public holiday… the Nation will turn 55yr young, which is downright remarkable when you consider how much has been achieved in that period. So to the locals, get your flags out & ready you lion roars

  • What kind of week are you trying to have?

  • Economics: Really all about final PMIs readings across the board, as well as US monthly key ISMs, NFPs & unemployment rate. Key continued focus will be on the latest fiscal bill in Congress, which had actually passed the house by the Dem in May for c. $3 trn & now is being pushed back by the Reps for a $1trn – in the meantime things have gotten worse over the last few wks in the US in regards to C19 (call it resurgence, 2nd wave – yet its also mostly just the first wave, the US never fully shut down across the board).

  • The fact that you have places like Melbourne Australia (C. 20% of Aus GDP * in 2018-2019 contributed to c. 40% of GDP – which has also initially done incredibly well), which had to lock-down a second time & are increasing the lockdown measures – curfews, windows of time to exercise, shop, etc… Potentially suggests that C19 is in the US for a while longer, potentially well into next summer (& Winter will be the “resurgence” period just given the math around weather).

  • Politics: It is expected that Biden – a.k.a. best “Basement” Strategy on the planet – will finally announce his VP which is to be a woman (Had already committed to this) & likely non-Caucasian, which is the main ethnicity in the US.

  • No doubt Trump & his political hit squad are licking their chops at the chance of extracting some flesh from Team Biden through the nominated VP – its been tough to pin Biden, i.e. how do you pin someone who hangs out in the basement whilst you are shuffling from C19 gaff to C19 gaff.

  • Tech Senate Grilling: In three words: Gaseous Virtue Signaling. In two words, A Joke. In one word, Noise.

  • That’s all you get when you round up the CEOs of the four biggest tech names [Facebook, Google, Apple & Amazon] – with very different businesses, as well as very different campaigns & ways of expressing their monopoly power – you are not really looking at anything in a coherent, focused & strategic process.

  • You are just beating your ego & franchise drum, showing your constituents how seriously you are taking big tech. It’s a real joke to be honest. If they were seriously interested in anti-trust properties, it would only be one company called up & it would be the one that would be easiest to nail on the wall – a.k.a. Zuck’s Book.

  • Its amazing when you take a step back & think about it, we are sub 4m to the next US presidential election – can we really say that things have materially change in how this social behemoth operates?

  • Lastly as per last wk on FB, keep in mind the FB’s SOTP > FB Value, plus it is likely a massive buy the day Zuck & Lean-In finally wake up & realize the taint in the room is coming from them.

  • Earnings: Earnings continue, last wk we got the big guns out with Amazon, FB & Apple having their earnings releases embraced, whilst Google got the Bills Cosby shoulder.

  • While the big guns & “hot” names may have already reported for most folks, there are still a few gems out there – the alternate protein theme pure listed play Beyond Meat will be reported on 8 Aug after the market.

  • Central Banks: Quite a number of rate decisions from Australia, Thailand, Brazil, United Kingdom & India.

  • Fed Speak: Quite a few on this wk including Bullard, Barkin, Evans, Mester & Kaplan.

  • Holidays: SG is out on Mon Aug 10th, due to National holiday falling Sun 9th Aug. Happy Birthday Singapore, you are 55yrs young. CA is out today Mon 3rd Aug.


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

This is the way 



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.