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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessNOK/SEK: Nordea enter a long NOK/SEK........>
SCANDIS: NOK/SEK: Nordea enter a long NOK/SEK position, target of SEK1.0150,
stop at SEK0.9300. They "see increasing momentum building for NOK vs. SEK in the
medium term. Both the outlook of higher oil prices post corona (although
uncertainties remain in the short-term) & fundamental differences in
monetary/fiscal policy between Norway & Sweden work in favour of the NOK. Sweden
is running a powerful QE program, the scope for QE in Norway is practically
non-existent. The Riksbank QE program is admittedly small in size in terms of
GDP, but compared to the size of the bond market, the QE program is very
material. Through the set-up of the Norwegian oil fund, bigger deficits in the
national budget means that more assets in the oil fund must be liquidated. Since
all assets in the oil fund are invested abroad this involves large NOK purchases
by Norges Bank. Being long the NOK vs, SEK leaves you vulnerable to another
set-back in equities, although less so than being long NOK against the EUR/USD.
NOK/SEK has been pretty tight with "risk" recently but given the very cheap
valuation, we would expect the "risk"-link to decrease. EUR/SEK is very firmly
supported around the 10.50-10.55 area, leaving risk/reward in long NOK/SEK."
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.