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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
Friday May 30, 2025
Friday May 30, 2025
Today we look at what looked like a key reversal day for the near term yesterday - as the US equity market rolled over after attempting to pierce key resistance, and the US dollar rally attempt was likewise crushed. Also, we cover the Nvidia earnings, some key provisions in the "big beautiful bill" that could spell trouble for US markets and the USD 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.
Wednesday May 28, 2025
Wednesday May 28, 2025
Risk sentiment is positive ahead of the next critical event that will determine whether the US market can achieve new all-time highs: the Nvidia's earnings call after the close today. Elsewhere, still signs of trouble in Japan's bond market, even as the pressure on the US treasury market has continued to ease, helping fuel risk sentiment. Thoughts on gold, crude, uranium and more also on the pod, which features Saxo Head of Commodity Strategy Ole Hansen and 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.
Tuesday May 27, 2025
Tuesday May 27, 2025
Today a look at Japanese Government Bond yields getting crushed overnight on signs that the MoF is planning to tweak its issuance to avoid further pressure on long yields. This inspired a JPY sell-off and the US dollar has backed up across the board as well. Elsewhere, risk appetite is in fine form, if we have some longer term concerns on heavy retail participation. Today's pod hosted by Global Head of Macro Strategy John J. Hardy
Jacob's preview of Nvidia earnings
John's second article in four-part series covering Rule #2 for 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.
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.