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For the aspirational trader and financial markets professional. Coming at you most trading days, 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
Monday May 26, 2025
Monday May 26, 2025
It's a new week and we have the latest example of what an FT columnist has called the TACO trade engaging once again: Trump Always Chickens Out. In this case, it was Trump's announcement late yesterday to delay the threat to slap 50% tariffs on the EU already to July 9 rather than June 1 (which he threatened on Friday). The US is out on holiday today, but we have plenty to discuss on geopolitics, further Trump tariff threats and executive orders on nuclear, moves in FX and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.
John's article (first in four part series) on trading and investing in the Trump 2.0 era.
Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.
Please reach out to us at marketcall@saxobank.com for feedback and questions.
Friday May 23, 2025
Friday May 23, 2025
Today, we ask whether too many have gotten too bearish on US treasuries, the one asset nearly everyone agrees no on should own. If so, US treasuries could be in for quite a painful squeeze ahead of a long US holiday weekend that would inevitably have interesting repercussions across markets, not least for the US dollar and gold. This and much more on today's pod, which is hosted by 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 the Saxo Strategy Team here.
Please reach out to us at marketcall@saxobank.com for feedback and questions.
Thursday May 22, 2025
Thursday May 22, 2025
Today's slide deck: https://bit.ly/44JSSzS -
Today we look at the big spike in US treasuries yesterday on a weak treasury auction, which cratered confidence suddenly for the first time in weeks and sparked fresh USD selling. Elsewhere, a rundown of the action in metals, where platinum is making a strong bid for relevance, as well as weather risks for grain prices. Also, a long look at the massive uncertainties for market outcomes from here as the macro backdrop is without precedent. On today's pod are Ole Hansen, Saxo Head of Commodity Strategy and John J. Hardy, Saxo Global Head of Macro Strategy.
Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.
Please reach out to us at marketcall@saxobank.com for feedback and questions.
Wednesday May 21, 2025
Wednesday May 21, 2025
Today, a look at the USD breaking down and bitcoin trying to break up to new all time highs as the US treasury market looks like a cat waiting to pounce as it awaits the passage of President Trump's "Big Beautiful" tax cut and spending bill that is set to cement huge US deficits for years to come. This and more on today's pod, which is hosted by Saxo Head of Global Macro Strategy John J. Hardy.
Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.
Please reach out to us at marketcall@saxobank.com for feedback and questions.
Tuesday May 20, 2025
Tuesday May 20, 2025
Today, we check in on the technical status of the US equity market, noting meanwhile that leading versus coincident indicators on the economy have yawned to one of their greatest divergences in the past 50 years, something that usually coincides with trouble. Thoughts on make or break time for Tesla, geopolitics, FX, US treasuries and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.
Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.
Please reach out to us at marketcall@saxobank.com for feedback and questions.
Monday May 19, 2025
Monday May 19, 2025
Today, a breakdown of why US markets are stumbling so badly at the start of the week after some renewed menace on the tariff front from the Trump administration at the weekend and as US treasury yields are under pressure from Trump's big tax cut and spending bill clearing a hurdle in the House. Today's pod with Saxo Global Head of Macro Strategy 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.
Friday May 16, 2025
Friday May 16, 2025
Today, a blitz of news, from geopolitics on latest trade deal developments and more, to specific company news, particularly United Health and Meta, which faces possible major business risks that are perhaps underappreciated. Today's pod also covers the latest macro data, the big bounce in gold, the outlook for USD and JPY, huge tectonic issues for the US treasury market and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.
Michael McNair post on X mentioned on the pod.
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.
Thursday May 15, 2025
Thursday May 15, 2025
Today's slide deck -
Today we look at the equity market comeback now having almost come full circle as we are a mere few percent from all-time highs after a broad-based surge, but also signs of the most speculative names have been leaders, including the notorious Palantir. Lots to discuss today in the macro outlook, gold after the big correction, oil and even soybeans with Saxo Head of Commodity Strategy Ole Hansen. Hosting today's pod is John J. Hardy, Saxo Global Head of Macro Strategy.
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.