Denmark
Biography
Steen Jakobsen has more than 25 years of experience within the fields of proprietary trading and alternative investment. After finishing his studies in Economics at Copenhagen University in 1989, he started his career at Citibank N.A. Copenhagen from where he moved to Hafnia Merchant Bank as Director, Head of Sales and Options. In 1992, he joined Chase Manhattan in London as VP, Head of Scandinavian Sales, and then the Chase Manhattan Proprietary Trading Group. From 1995-1997 he worked as a Proprietary Trader and Head of Flow Desk at Swiss Bank Corp., London. In 1997, he became Global Head of Trading, FX and Options at Christiania (now Nordea) in New York until he joined UBS in New York in 1999 as the Executive Director in the Global Proprietary Group. He joined Saxo Bank in 2000 and after a brief departure to Limus Capital Partners, where he was Chief Investment Officer for two years, he returned to the bank in 2011 as Chief Investment Officer
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Write a Squawk to Steen Jakobsen
  • Article / Friday at 12:00 GMT

    The new nothingness

    Chief Economist & CIO / Saxo Bank
    Denmark
    The new nothingness
    Zero-bound rates and policies have created a world of apathy and indifference, obstructing productive reforms and solutions while promising only the most pallid of returns.
    Read the article
    2d
    Steen Jakobsen Steen Jakobsen
    Re. eurusd editor did mistake it should say 1:1
    16h
    Kashif khawja Kashif khawja
    What we traders can do is to keep our interest in the predictions which sums up the analysis
  • 3d
    Macro Macro
    There is a lot of examples in the world how these foreign currency loans can cause serious trouble. I have experienced the Finnish 90's depression that was...
    3d
    Macro Macro
    ...Also many bankers, politicians and insiders got rich with the aftermath and the liquidation process as well, frankly speaking ruthless scam front of the nations eyes. I...
    3d
    Macro Macro
    ...Anyway that time in Finland, banks and policymakers didn't have a clue what they were doing, politicians with their policies were like a kid playing with a...
  • 10 April
    Martin O'Rourke Martin O'Rourke
    Weaker-than-expected manufacturing production figures in the UK has sent Cable tumbling to a year-low of 1.4635. See more here from Saxo Bank's head of forex strategy, John...
  • 09 April
    theopapat theopapat
    Its a two way street in my view: Yes Putin is arguably using Greece as European leverage, but so are the Greeks. It is worth bearing in...
  • Squawk / 08 April 2015 at 18:24 GMT
    Chief Economist & CIO / Saxo Bank
    Denmark
    FED Minutes: Hawkish as "several members still saw June Hike" - this compares with markets odds of less than 10% chance of June move in rates.

    In other words Fed was much closer to triggering than consensus thought.

    Market and FED watchers continues to focus on economy, but I think these minutes clearly show how FED is on to do "Margin call on asset inflation" and move the needle towards "normalisation"

    WSJ link: http://www.wsj.com/articles/fed-minutes-officials-divided-on-whether-june-rate-increases-warranted-1428516001
    Read the Squawk
    08 April
    Steen Jakobsen Steen Jakobsen
    OVERALL a major US Dollar "call" is coming - I see EUR in 1.05 even 1.00 over next few months. Market is short FED and US dollar...
    08 April
    fxtime fxtime
    Too expensive for a June option straddle imho and theta will not kick ''in'' to enhance a trade until 45>55 days to expiry so would you consider...
  • Saxo TV / 08 April 2015 at 7:09 GMT

    Jakobsen: Why I wouldn’t put ALL my money in stocks

    Steen Jakobsen
    Stock markets around the world have soared in the past year with the German Dax for example gaining more than 25%. But Saxo Chief Economist Steen Jakobsen expects the days of high returns will come to an end once the US Fed starts to hike rates to curb asset inflation and markets realize they have overestimated the impact of the ECB’s QE programme.
    watch video
  • Squawk / 06 April 2015 at 17:10 GMT
    Chief Economist & CIO / Saxo Bank
    Denmark
    Finally someone @ the Fed acknowledges the drag from oil production:

    "Turning to the negatives, the support to growth from rapidly rising U.S. oil production almost certainly will fade away. U.S. oil production has been rising rapidly for several years, due largely to new technology that has expanded the amount of oil that can be recovered from existing wells and that has facilitated shale oil production by fracking. Now, with prices dramatically lower, U.S. oil exploration and drilling activity is falling off very sharply. This will exert a meaningful drag on economic activity."

    Full text from William Dudley, vice-chair of the FOMC:

    http://www.ny.frb.org/newsevents/speeches/2015/dud150406.html
    Read the Squawk
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