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Market Roundup: Keeping Eye on the Fed

RATINGS

Stable Outlooks Up For Review This Week

EUROZONE ISSUANCE

EGB Supply For W/C May 16, 2022 (1/2)

DATA REACT

Lowest Consumer Sentiment Since 2011

EUROZONE ISSUANCE

EGB Supply For W/C May 16, 2022 (2/2)

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EURO-NOK
EURO-NOK: Following the Norges Bank rate decision, Morgan Stanley see limited
downside for the NOK as the Norges Bank have made it clear they will not
tolerate market volatility and will intervene in FX if required. MS see the
Norges Bank intervening for two reasons, namely funding fiscal expenditure and
managed FX volatility.
- On exchange rates, MS write that NOK carry is still attractive vs. EUR but not
the USD. MS write that in the near-term EUR/NOK should trade lower by 3-4%
before settling at around 10.70.
- MS recommend short GBP/NOK over the medium-term with the Bank of England still
to expand its balance sheet.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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