External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>The Norwegian and Swedish currencies are trading at historically weak levels against the euro.</li><li>We discuss the underlying drivers and highlight that interest rate differentials are often given too much weight.</li><li>We expect a stable NOKSEK ahead. Introductory summary – strong economies with “weak” currencies Norway can in many respects be considered one of the world’s strongest economies. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Norwegian and Swedish currencies are trading at historically weak levels against the euro.We discuss the underlying drivers and highlight that interest rate differentials are often given too much weight.We expect a stable NOKSEK ahead. Introductory summary – strong economies with “weak” currencies Norway can in many respects be considered one of the world’s strongest economies. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sweden and Norway: Persistent currency weakness

<ul><li>EURNOK is currently trading around 11.94 after ranging between 11.75 and 12 throughout the summer.</li><li>Our base case points to a decline towards 11.75, but we see a risk that the cross could break above 12.A September rate cut is fully priced in and should not surprise the market.</li><li>The bigger risk lies further ahead.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EURNOK is currently trading around 11.94 after ranging between 11.75 and 12 throughout the summer.Our base case points to a decline towards 11.75, but we see a risk that the cross could break above 12.A September rate cut is fully priced in and should not surprise the market.The bigger risk lies further ahead.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Downside Risk to USDNOK, Upside Risk to EURNOK

<ul><li>Trump’s trade policy is very unpredictable. Over a week ago, it was announced that Trump will introduce a 25% tariff on imports from Canada and Mexico, which will be postponed for a month, and a 10% tariff on imports from China.</li><li>In the last two weeks, Trump has also talked about the EU being the next target, and the EUR has weakened against most currencies, including the NOK.</li><li>This is probably part of the explanation as to why the NOK has strengthened somewhat. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trump’s trade policy is very unpredictable. Over a week ago, it was announced that Trump will introduce a 25% tariff on imports from Canada and Mexico, which will be postponed for a month, and a 10% tariff on imports from China.In the last two weeks, Trump has also talked about the EU being the next target, and the EUR has weakened against most currencies, including the NOK.This is probably part of the explanation as to why the NOK has strengthened somewhat. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EURNOK Update: Limited Downside in EURNOK from Here

Macroeconomics

<ul><li>We and everyone else were uncertain ahead of todays decision.</li><li>Even the governor said that they had considered to hold they rate unchanged and the model rate path from Norges Bank indicated no cut this time around.</li><li>So it was a committee judgment that led to the cut now instead of in December.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We and everyone else were uncertain ahead of todays decision.Even the governor said that they had considered to hold they rate unchanged and the model rate path from Norges Bank indicated no cut this time around.So it was a committee judgment that led to the cut now instead of in December.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>We hope everyone has enjoyed the summer! Since our last publication, the EUR, SEK &amp; NOK XCCY basis curves have all flattened driven by higher front levels and to some extent lower levels further out the curve with the tipping point around the 5y area.</li><li>The largest cross boarder issuers are ahead of plans, closing in on YTD funding targets.</li><li>Thus, unless we see changes to funding targets we expect less demand for paying EURUSD XCCY basis towards year-end. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We hope everyone has enjoyed the summer! Since our last publication, the EUR, SEK &amp; NOK XCCY basis curves have all flattened driven by higher front levels and to some extent lower levels further out the curve with the tipping point around the 5y area.The largest cross boarder issuers are ahead of plans, closing in on YTD funding targets.Thus, unless we see changes to funding targets we expect less demand for paying EURUSD XCCY basis towards year-end. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Norway

The Norwegian krone is the official currency of the Kingdom of Norway.  The US dollar is the official currency of the United States of America.

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NOK (USDNOK CURNCY)

Sweden and Norway: Persistent currency weakness

We expect a stable NOKSEK ahead. Introductory summary – strong economies with “weak” currencies Norway can in many respects be considered one of...

Nordea

Downside Risk to USDNOK, Upside Risk to EURNOK

Our base case points to a decline towards 11.75, but we see a risk that the cross could break above 12.A September rate cut is fully priced in and...

Nordea

EURNOK Update: Limited Downside in EURNOK from Here

Trump’s trade policy is very unpredictable. Over a week ago, it was announced that Trump will introduce a 25% tariff on imports from Canada and...

Nordea

Norges Bank Review: A hawkish cut

Even the governor said that they had considered to hold they rate unchanged and the model rate path from Norges Bank indicated no cut this time...

Nordea

Nordea XCCY Publication: Q3-2025

We hope everyone has enjoyed the summer! Since our last publication, the EUR, SEK & NOK XCCY basis curves have all flattened driven by higher front...

Nordea

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