VIEW: Monday saw Swedbank note that.........>

SCANDIS: VIEW: Monday saw Swedbank note that expectations for a slow, non-linear

move lower in EUR/Scandies is reasonable in their view. However, they warn that

real & fast money a/c's are probably getting somewhat long Scandies, although

not to an extended level.

- Their new 3-month EUR/SEK target is SEK10.30, as they note that SEK's negative

carry is gone in TWI-terms, growth looks relatively better at the margin and

relative fiscal policy power is there. They also believe that EUR/SEK > SEK10.30

(all else equal) should be a level that does not stir up too much worry from the

Riksbank.

- They note that NOK is supported by a slowly improving dynamics in the oil

market & improvement in risk sentiment. They maintain their 3-month EUR/NOK

target at NOK10.70, but warn that macro numbers are "obviously expected to be

soft in Q2."

- All in all, they continue to see value in SEK and NOK vs. EUR in the coming

months, as well as against GBP & CAD.