After a disappointing Q3 mainland GDP.......>

SCANDIS: After a disappointing Q3 mainland GDP print, albeit with a positive

revision to Q2, and weak monthly prints setting up a poor feed-in to the Q4

number, EURNOK rose to its highs for the day, briefly breaking above the 200-dma

at 9.5709. We briefly traded above the 200-dma on Friday but have not closed

above since Sep11. A close above here could open up a more sustained move to the

upside.

- NOKSEK also fell to key levels, almost touching the May28/Sep10 low of

1.0703/02. If we break through here we would see the next support just below at

the 38.2% YTD retracement/May16 lows of 1.0670/64. The next level to the

downside would be the 50% YTD retracement at 1.0533.

- If we see EURNOK close above the 200-dma and NOKSEK break below the 38.2% YTD

retracement, we are likely to see added impetus for our EURSEK downside idea

(see POV: EURSEK DESCENDING TRIANGLE SUPPORT BROKEN, Nov8 at 9:30GMT).