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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% 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.
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SaxoStrats

Market Call Podcast

John Hardy
Head of FX Strategy
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Commodities

WCU: Commodity rally resumes to trigger multiple breakouts

Ole Hansen
The commodity sector is showing renewed strength following a six-week period of consolidation. While individual news and developments supported all three sectors of energy, metal and agriculture, the overall performance was also being supported by a surprise drop in U.S. Treasury yields accompanied by a weaker dollar. The rally saw major commodities from crude oil to copper and gold break their recent ranges with traders watching the weekly closes for signs of more to come.
Forex

FX Update: Today’s close important for cementing recent developments

John Hardy
Commodities have generally beat a path back higher this week, and most commodity-linked currencies have responded with a break higher. Even the ruble is back on the recover path despite US sanctions. If commodities and pro-cyclical currencies post a solid close today to end the week on a strong note for the reflationary theme, we could be set for a further significant upswing in everything from G-10 smalls to select EM currencies.
Equities

Earnings season off to a mixed start; HelloFresh sees much stronger outlook

Peter Garnry
We take a look at the first week of Q1 earnings showing strength at the surface but more mixed in terms of investor response. We also analyse HelloFresh which significantly increased their 2021 outlook.
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Podcast

Podcast: Cognitive dissonance as super-strength US data sees treasuries rally

Saxo Market Call
Today we delve into the incredibly strong US data yesterday, which the US treasury market not only shrugged off, but rallied on, which could suggest a cautious stance on the view that strong data will ease quickly once the stimulus sugar rush fades - but why then do US equities remain on fire. Also on the call, the yield crush helps gold tease pivotal resistance as key pro-cyclical commodities are up almost across the board recently, some thoughts on GBP and FX and more. On today's call were Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.
Bonds

Demystifying emerging market sovereign debt as a reflation trade

Althea Spinozzi
In this analysis, we look at emerging markets sovereign bonds to understand whether they can be a better investment than junk corporate bonds amid an economic recovery. Although we find that China, Russia, India and Mexico offer good opportunities, we remain cautious of EMs as a whole. Indeed, EM sovereigns are exposed to high refinancing risk amid rising interest rate in the United States. Yet, Chinese local currency government debt might provide diversification in ones' portfolio while the yuan renminbi becomes one of the largest reserve currencies.
Macro

Market Quick Take - April 16, 2021

Saxo Strategy Team
US equities recovered sharply from the one-day sell-off and ripped higher to new all-time highs, with the Nasdaq 100 index closed above 14,000 for the first time after US Retail Sales rose far more than expected on stimulus checks while treasury yields actually fell. Gold enjoyed that latter development and is poised near key resistance. The mood in Asian overnight was sluggish, as the news of the enormous bounce-back in Chinese growth was no surprise.
Equities

Has crypto industry crossed the Rubicon? Launching crypto theme basket

Peter Garnry
In today's equity update we look at the Coinbase listing and whether it marks a crucial step in the adoption of cryptocurrencies. In addition we are launching a theme basket covering the crypto and blockchain theme.
Forex

FX Update: Commodity currencies play catch-up

John Hardy
The EURUSD has retraced nearly all the way back to 1.2000 and neutralized the downside risk and more powerful momentum has now arrived in commodity-linked FX since yesterday against the big dollar, whether in G10 or in EM, the Russian ruble loudly excepted on new US sanctions incoming. More strong US data expected today, but the reaction to the CPI data earlier this week suggests that the market has already priced strong near-term numbers.
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