Macro Dragon: Snapshot & Post-FOMC Price Action... Macro Dragon: Snapshot & Post-FOMC Price Action... Macro Dragon: Snapshot & Post-FOMC Price Action...

Macro Dragon: Snapshot & Post-FOMC Price Action...

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: Snapshot & Post-FOMC Price Action... 



  • Interesting or not?: You know the Dragons skew on examining the day to day sessions, there is a lot of noise & very little signal – unless you’re a market maker or/& day scalper, it’s almost a negative convex exercise.

  • We tend to read patterns into things & events that are really just random on the broader meta trends. Its actually a function of our DNA, as well as social upbringing.

  • With that in mind, not often you see gold pull back by -3.7% whilst silver outperforms on the downside with only -3.5% - hmmm… Also BTC back at -2.6%, yet like the other two… keeps basing higher… bullish break-outs still higher. As in all things a session or two, do not a trend make nor break.

  • DXY 92.9280 big reversal (after initially hitting new lows over the last 2 days) with a +0.67% pop carried firmly across EURUSD 1.1857 -0.78% & USDJPY 106.03 +0.67%.

  • Energy meanwhile cool as you like with WTI pretty much flat at 42.49 & Brent 45.00 a touch lower at -0.20%. Copper on the other hand pretty strong session with +1.6% to 298.30.

  • Bond yields initially came off, yet are off the lows with 10s at 0.66% & bond Futures at 139-14, +6bp this Asia morning.

  • Here is the link to the minutes

  • As always for our VIPs feel free to reach out to our Global Sales Trading desk, as well as potentially speak to some of my excellent peers from the SaxoStrats squad. For those interested in our unique VIP offering, please reach our to your friendly relationship partner at Saxo. 

  • The Dragon will be back wk of Sep 7th, may the trading & investment winds of global macro be in your favor.  

Anthems - worth making some time if you have not already:


To Keep In Mind Today

  • CH: Trade Balance
  • EZ: GER PPI, ECB Minutes
  • US: Philly Fed Mfg. Index, CB Leading Index, Nat Gas Storage

Remember tmr is Flash PMI Friday across the board


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 is not intended to and does not change or expand on this. 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 (

Boulevard Plaza, Tower 1, 30th floor, office 3002
Downtown, P.O. Box 33641 Dubai, UAE

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

Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority and operates in the UAE under a representative office license issued by the Central bank of the UAE.

The content and material made available on this website and the linked sites are provided by Saxo Bank A/S. It is the sole responsibility of the recipient to ascertain the terms of and comply with any local laws or regulation to which they are subject.

The UAE Representative Office of Saxo Bank A/S markets the Saxo Bank A/S trading platform and the products offered by Saxo Bank A/S.