Macro Dragon: WK # 37 - US Labor WKD, ECB, BoC, CPIs Macro Dragon: WK # 37 - US Labor WKD, ECB, BoC, CPIs Macro Dragon: WK # 37 - US Labor WKD, ECB, BoC, CPIs

Macro Dragon: WK # 37 - US Labor WKD, ECB, BoC, CPIs

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: WK # 37 - US Labor WKD, ECB, BoC, US-CH CPIs & CH PPI 


Top of Mind…

  • Happy Monday Folks & Welcome to WK # 37

  • To our US & CA brethren, happy labor day wkd & see you all back on Tues.

  • KVP back in from the studycation & social fasting break. Its been super intense, with plenty of challenges & mini-victories, yet net-net, cannot recommend it enough. We tend to not carve enough time for things that we could be interested in pursuing, be it for self-capex/development reasons, hobbies/interests |& just pure fun & growth (a joke in there for the python pandas folks).

  • Markets: No doubt have a lot of catching up to do, yet at the same time probably not (i.e. noise > signal), either way please be patient folks.

  • We made ATNH on US equities over the last 2 wks (no surprise there) & we have had a sharp pullback going into the end of last wk, with Thu seeing a drawdown of over 5% on the Nasdaq-100 & over 3% on the S&P 500. This was the biggest one session pullback since Jun 11, when the S&P closed down close to 6% & the Nasdaq-100 was down 5%.

  • Again no surprise here, tactical bearish counter trends, are the norm, not the exception in a structural bullish market. Do not forget the big picture of economic liquidity being the undisputed goliath in the room.

  • Will dig a little deeper into respective cross-assets later this wk.

  • Ok let’s get after it

  • What kind of week are you trying to have?

  • Economics: Generally a light one, a touch of an inflation theme with figs due out of CH, GER & US. US will also see JOLTS job openings. Whilst CH will also see PPI, money supply & new loans coming through.

  • Central Banks: Key rate decisions across global macro this wk will come out of Canada 0.25%, Malaysia 1.75% & the Euro-Zone -0.50%.

  • From an economists consensus basis, no rate changes are expected.

  • Fed Speak: None on the calendar, so far at least…

  • Holidays: US & CA out today on labor day holiday.

  • Focus: Immediate market focus is likely going to be on equity price action once the US gets back in on Tues.

  • From a calendar perspective we are getting towards the end of 3Q & firmly getting out of the Northern Hemisphere Summer. Obviously same theme of US election countdown will gain greater coverage (& hence noise) as we approach the Nov 3 date, as will potential turbulence in US/CH relations.

  • Have a brilliant wk everyone, its GOOD to be back.


Start-to-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 (Schweiz) AG
The Circle 38

Contact Saxo

Select region


All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law.

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.