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For the aspirational trader and financial markets professional. Coming at you two to three times a week, the Saxo Market Call is the high frequency podcast for real-time analysis of the financial markets across asset classes, from forex and rates to equities and commodities.
Episodes
7 minutes ago
7 minutes ago
Trump's Liberation Day tariffs proved far larger than expected and have markets in a defensive posture for good reason. Today we break down why this moment has come as well as what to watch for as the ongoing impact of this historic policy move unfolds. Today hosted by John J. Hardy, Saxo Global Head of Macro Strategy.
White House official announcement on the tariffs: https://bit.ly/4ld2E3e
Michael Every's latest after the new tariffs: https://bit.ly/4iSClO7
Yanis Varoufakis on this once-in-a-generation moment: https://bit.ly/3E1VP3U
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Please reach out to us at marketcall@saxobank.com for feedback and questions.
2 days ago
2 days ago
Today's slide deck: https://bit.ly/4lbxQ2T -
Today we look at the state of the market a day ahead of Trump's "Liberation Day" tariff announcements as the market braces for impact. We also discuss the outlook for gold now that it has tacked on another massive rally and run down the performance across the commodity complex in Q1, where gold was surprisingly not the top performer. The latest developments in FX, equity technical levels of note and our top must reads also in today's podcast, which features Ole Hansen on commodities and John J. Hardy hosting.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Please reach out to us at marketcall@saxobank.com for feedback and questions.
Tuesday Mar 25, 2025
Tuesday Mar 25, 2025
Today's slide deck: https://bit.ly/4iEdDRG -
Trump is supposedly set to go easier than originally planned with the reciprocal tariffs to be announced next Wednesday, April 2. There are few details on this story, which provided the strong boost to risk sentiment today. Does this mean that Trump has "blinked" on the tariff issue? We assess where we are and what to watch for across asset classes, as well as highlighting incoming economic data and much more. Today's pod hosted by Saxo's John J. Hardy.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Please reach out to us at marketcall@saxobank.com for feedback and questions.
Tuesday Mar 18, 2025
Tuesday Mar 18, 2025
Today's slide deck: https://bit.ly/3DLe6SW -
The US market found some more solid buying support than it has in a while, but not yet enough to turn the technical tide. We look at what forces could drive the market in either direction, but suspect that US under-performance relative to a hard charging Europe may be here to stay for a while. A thorough look at FX, gold and silver, important links, the macro calendar and more on today's pod, which features Ole Hansen on commodities and John J. Hardy on FX and Macro.
John's latest FX Update.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Please reach out to us at marketcall@saxobank.com for feedback and questions.
Friday Mar 14, 2025
Friday Mar 14, 2025
Today's slide deck: https://bit.ly/3DwZZR8 -
Today we run down some small divergences that could spell near term relief on risk sentiment, even if there is a steep hill to climb to significantly reverse this market rise. We also discuss gold trading at $3,000 per ounce and whether silver is set for brisk and large rally higher if it can break above the 35+ dollar per ounce level. Thoughts on crude oil, copper, a great set of links for further reading and much more also on today's pod, which features Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J. Hardy.
John's latest FX Update
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Please reach out to us at marketcall@saxobank.com for feedback and questions.
Tuesday Mar 11, 2025
Tuesday Mar 11, 2025
Today's slide deck: https://bit.ly/43zRWgK -
Today we look at the massive further slide in US equities, which has taken the Nasdaq 100 to the next significant support point. We also note the reasons that the US has been in for an exceptional pounding relative to the rest of the world, have a look at key commodities like gold, oil and grains, rundown the latest in and FX, the latest link-a-palooza and a VERY important event risk on Friday of this week. Today's pod features Saxo Head of Commodity Strategy Ole Hansen, with Global Head of Macro Strategy John J. Hardy hosting.
Link to Ole's COT Report analysis
Link to John's latest FX Update
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Please reach out to us at marketcall@saxobank.com for feedback and questions.
Friday Mar 07, 2025
Friday Mar 07, 2025
Today's slide deck: https://bit.ly/4bvm276 -
Today we look at the US stock market correction crossing its first key technical Rubicon as bear market risks ratchet higher. We also discuss the spiking Euro, Japan's likely desire to get USDJPY a lot lower, key commodities markets like oil, natural gas and copper and much more. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J. Hardy.
Link to John's latest FX Update:
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Please reach out to us at marketcall@saxobank.com for feedback and questions.
Wednesday Mar 05, 2025
Wednesday Mar 05, 2025
Today's slide deck: https://bit.ly/4hVKEbD -
Today we unpack the historic paradigm shift as the EU and Germany have unveiled titanic fiscal initiatives that are altering the landscape for European bonds and the euro. Also, we look at whether there is a Trump put, and ponder whether Trump's moves on crypto and to supercharge money laundering risks are a feature as much as a bug.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Please reach out to us at marketcall@saxobank.com for feedback and questions.
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