For example, if a manager believes the US is headed into recession, then they may short-sell stocks and futures contracts on major US indices or the US dollar. Or, seeing big opportunity for growth in Singapore, might take long positions in Singapore's assets.
Global macro tends to make money when there are no clear trends. The global economy has been clear of trends for at least the last six months, with deterioration and the weakening of the US dollar. For the last three months the market has