Credit Suisse's FX trade of the week.......>

EURO-NOK: Credit Suisse's FX trade of the week eyes a lower EUR/NOK rate.

CS write: "NOK is our preferred oil play in G10, and should benefit from

increased expectations for an OPEC supply cut in December following the

weekend's Saudi production headlines. (Although medium-term our expectations for

oil prices remain bearish, we still see scope for some further short-term gains

leading into the meeting). NOK also benefits from ongoing strong macro

fundamentals and no other significant data/political risks this week. NOK is

also a 'cleaner' play on oil in our view, compared to Canada or other currencies

more exposed to 'Trump risk'.

-By contrast the situation in Europe appears much more problematic this week.

The Italian government has a deadline to submit a revised version of the budget

tomorrow, but has shown little desire so far to make more than only marginal

changes to their draft.

-CS add that the main risk to the trade is if the upwards momentum in oil prices

loses momentum. Entry: 9.53 spot