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Nordea Like Long NOK/SEK

SCANDIS

Nordea note that "NIBOR fixings likely only have very limited room to fall from here, since the new F-loan terms include a 15bp add-on. Moreover, liquidity is currently elevated in the Norwegian banking system, but will slowly but surely tighten into mid-September, which leaves a bad risk/reward in receiving front NOK rates. We look to pay into September. NOK usually holds a decent positive seasonality in late August into September (maybe as NOK liquidity is withdrawn). We enter long NOK/SEK with an aim to reach NOK 1.0000 (stop loss at NOK0.9580)."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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