Squawk / 06 July 2012 at 14:29 GMT
Chief Economist & CIO / Saxo Bank
Friday Macro: Non-Farm was bad for the QE3 crowd as it was bad, but not bad enough. EURUSD now leads equities. We have had a currency overlay of long 50% USD and 50% in SEK & NOK since Q3-2011 last year, today we sell AUD against these longs based on stall speed world growth and an expected weakning of the AUD economic data. I see equity and FX low in August so again as stated before a "summer of discontent" is here.. The key dates are:
17/7 Humphrey Hawkins, 1/8 FOMC and 24/8 Jackson Hole.
I am presently in Stanford US with colleagues from around the world. Wednesday we played footbal - The European team was down 2-0 at half-time WITH my greek colleague playing upfront for us. We took "him out" in 2nd half and won 4-2. Need I say more ? :-) Europe and Greece needs the same thing. Greece is NOT to blame for this crisis, but it has become the one sacrifice we need to reconcile the political and economic lack of reform - only through "substituting" Greece will we move forward. Nice w.e
Steen Jakobsen Steen Jakobsen
Latest macro quick analysis
bakrob99 bakrob99
Thanks for your thoughts. I appreciate the commitment.


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