Steno Signals is a weekly editorial where Andreas Steno Larsen shares what hot topics within global macro mean for cross-asset allocation. Each week he boils down his thoughts on growth, inflation, and liquidity across countries. In this edition, Andreas analyzes the highly unusual market structure, where euro liquidity is more in-demand than the US dollar, Bunds are trading through swaps and ESTRON/SOFR cross-currency swaps are approaching zero across the curve. Written on November 10, 2024.
