Generating Profit In Global Macro Markets

 ‘At a time when global macro has rarely been more relevant, this book captures what drives macro trading: the interaction of policy, markets, and human behavior. It combines analytical depth with real world insight, making it essential reading for traders, investors and anyone with an interest in global markets.’

Andrew Morton, Global Head of Markets, Citi

‘History remains our most reliable guide to markets. Dirk and Alex examine the most durable macro relationships with empirical rigor―a must-read for any macro investor.’

Paul Tudor Jones II, CIO and Founder, Tudor Investment Corp

‘Even seasoned professionals will find this book valuable. A rigorous, well researched work from one of the industry’s thought leaders. An excellent and practical contribution, firmly grounded in data.’

Ben Melkman, Managing Deputy CIO at Bridgewater Associates

Discover opportunities in macro trading as global market volatility increases

In Trading Global Macro Markets, accomplished global macro veterans Dirk Willer and Alex Saunders deliver a complete and incisive guide to navigating global macroeconomic trends as the low volatility world of quantitative easing gives way to the post-pandemic world of increased interest rates and macro volatility. The authors offer coverage of every major asset class, from government debt and credit to equity, commodity, and foreign exchange markets, along with back-tested frameworks going back over two decades and more that illustrate how to trade each class and how to make cross-asset trading decisions.

This fully validated roadmap to global macro trading is a thoroughly researched handbook filled with use-cases, charts, examples, and tools. It avoids overly complex mathematics in favor of concise explanations and case studies wherever possible, ensuring it remains accessible to practitioners and traders from a wide variety of backgrounds.

You'll also find:

• Strategies for trading the business cycle and macroeconomic events, like economic data releases, monetary policy meetings, elections, and geopolitical flashpoints
• Techniques for tactical asset allocation
• Ways to choose between asset classes and discussions of trades that illustrate the concepts explored in the book

Ideal for global macro buy-side and sell-side professionals, asset allocators, market researchers, academics, regulators, and policymakers, Trading Global Macro Markets will prove invaluable to all finance practitioners interested in the interplay between macroeconomics and the markets.

DIRK WILLER is a Managing Director and Global Head of Macro and Asset Allocation at Citi Research in New York. Dirk covers global macro markets across all asset classes and geographies, leading teams in Europe and the US. In this role he regularly consults with many of the world’s largest institutional investors, corporates as well as policymakers. Prior to this role, Dirk headed global Emerging Market Strategy, where he and his teams were consistently ranked in the top three in the institutional investor surveys. Dirk is frequently quoted in the financial press and interviewed on TV and podcasts, including Macro Hive and Odd Lots, and speaks on various industry panels. Previously, Dirk worked at Omega Advisors and RHG Capital as a global macro strategist and portfolio manager and at Swiss Bank as a fixed income strategist for Russia and Eastern Europe. Prior to his work on buy and sell-side Dirk was consulting the Russian government under Deputy Prime Minister Anatoly Chubais during the successful stabilization period in 1994/1995. Dirk holds a PhD and MSc in Economics from the London School of Economics, following his undergraduate work at the University of St.Gallen in Switzerland. Dirk is also the author of an influential book on how to trade emerging market fixed income, published by Wiley in 2020. Dirk is a member of Atlantik-Bruecke and the Economics Club of New York. He resides in NYC with his wife and four daughters.

ALEX SAUNDERS is Head of Quantitative Macro Research at Citi. Prior to joining Citi in 2021, he accumulated over twenty years of practitioner-­focused experience spanning buy-side portfolio management and macro research across multiple market cycles. His work integrates quantitative analysis with real-world market dynamics across global asset classes. Alex holds undergraduate and postgraduate degrees in economics, and his work has appeared on television, in news media, and in academic journals.