Trading Global Macro Markets

by Dirk Willer

 ‘At a time when global macro has rarely been more relevant, this book captures what drives macro 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

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.

400 pages, Hardcover

Published May 4, 2026

Reviews

[Juancho Vizcaino · Rating 5 out of 5]

“In summary, the carry trade is a true and tested strategy and has stood the test of time. We would implement the trade in EM, with positioning sized driven by risk instead of using equal notionals. We would size the trade the largest when carry is high, the Fed is in the low volatility part of its cycle, and inflows have been relatively more muted. But the default case should be to have the trade on. It takes a combination of crowded positioning and a volatility spike to undermine the carry trade more significantly.”

[Jo Jo · Rating 4 out of 5]

Provides a really comprehensive framework and discussion from a global macro angle

Some caveats:
Some proprietary macro indicators/metrics mentioned are from Citi, where the authors work at LOL so they may not be so readily available for general investors' practical uses;
Some descriptions/illustrations are written in a quite dense way or somehow unnecessarily tangled, so novices probably need some other references to understand the terms and meanings