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BofA are Bearish Scandi FX in 2020, But Switch More Positive Next Year

SCANDIS

BofA revise their SEK, NOK forecasts, writing that they are "more bearish than consensus for this year" but are slightly more positive on NOK, SEK than consensus for 2021.

They still think (especially for NOK) that risks are mostly on the downside, and look for EUR/NOK at 10.80 for year-end (consensus 10.60) and EUR/SEK at 10.60 (consensus 10.35). They see NOK/SEK at 0.98, with downside risks.

For any recovery in NOK, SEK, markets need persistently permissive risk sentiment, which BofA don't see occurring this year, therefore they think markets should "wait until 2021" before seeing a Scandi FX recovery.

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