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 drop in interest rates expectations in Norway is mainly due to increased recession fears in the US after weaker than expected labour market data there.</li><li>The market went into panic mode and now expects the Fed to deliver more than 8 cuts (210bps) over the next year.</li><li>Keeping in mind that it is less than a week since we heard chairman Powell describe the labour market and the economy as in a good place, it certainly looks excessive.</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 drop in interest rates expectations in Norway is mainly due to increased recession fears in the US after weaker than expected labour market data there.The market went into panic mode and now expects the Fed to deliver more than 8 cuts (210bps) over the next year.Keeping in mind that it is less than a week since we heard chairman Powell describe the labour market and the economy as in a good place, it certainly looks excessive.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.

NOK Update: Market Pessimism Overdone for Norway

<ul><li>Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in March.</li><li>This was as expected and we believe that NOK sales will remain broadly the same, as the Government is expected to have a larger (petroleum) income than the budget deficit.</li><li>Today’s announcement did not move the NOK which confirms that NOK sales have moved into the background.Lately, interest rates have been the main driving factor of NOK.</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.

Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in March.This was as expected and we believe that NOK sales will remain broadly the same, as the Government is expected to have a larger (petroleum) income than the budget deficit.Today’s announcement did not move the NOK which confirms that NOK sales have moved into the background.Lately, interest rates have been the main driving factor of NOK.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>Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in February.</li><li>This was broadly as expected, although we wouldn’t be surprised if the NOK sales were increased a bit today.</li><li>After the large reduction of NOK sales from the new year, Norges Bank NOK sales will likely remain broadly the same throughout 2024 as the Government is expected to have a larger (petroleum) income than the budget deficit.</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.

Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in February.This was broadly as expected, although we wouldn’t be surprised if the NOK sales were increased a bit today.After the large reduction of NOK sales from the new year, Norges Bank NOK sales will likely remain broadly the same throughout 2024 as the Government is expected to have a larger (petroleum) income than the budget deficit.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>Since the last publication, the XCCY basis market has experienced a year-end turn, which turned out to be a bit different than prior years.</li><li>Some of the highlights were, USD trading almost without any turn-price and the usual low level for SEK basis was only a fraction of what we were used to see.</li><li>In the last part of 2023 EUR/USD basis trended higher and higher and ended the year at historical high levels.</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.

Since the last publication, the XCCY basis market has experienced a year-end turn, which turned out to be a bit different than prior years.Some of the highlights were, USD trading almost without any turn-price and the usual low level for SEK basis was only a fraction of what we were used to see.In the last part of 2023 EUR/USD basis trended higher and higher and ended the year at historical high levels.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.

External broker reports(aggregated public sources), Scotiabank

Scotiabank

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. 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.

<ul><li>High beta currencies have done well over the past week.</li><li>A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted pro-cyclical currencies.</li><li>Top of the pack over the last five trading sessions is the NOK (helped by the jump in Brent around Red Sea focus, for sure), followed by the ZAR, AUD, SEK and NZD.</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.

High beta currencies have done well over the past week.A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted pro-cyclical currencies.Top of the pack over the last five trading sessions is the NOK (helped by the jump in Brent around Red Sea focus, for sure), followed by the ZAR, AUD, SEK and NZD.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.

FX Snapshot - Stretched Valuation Does Not Preclude More USDCAD Losses

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)

NOK Update: Market Pessimism Overdone for Norway

The drop in interest rates expectations in Norway is mainly due to increased recession fears in the US after weaker than expected labour market...

Nordea

NOK Update: Sideways for now

Today’s announcement did not move the NOK which confirms that NOK sales have moved into the background.Lately, interest rates have been the main...

Nordea

NOK Update: Monetary Policy Is Key

Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in February. This was broadly as expected,...

Nordea

Nordea XCCY Publication: Q1-2024

Since the last publication, the XCCY basis market has experienced a year-end turn, which turned out to be a bit different than prior years.

Nordea

FX Snapshot - Stretched Valuation Does Not Preclude More USDCAD Losses

High beta currencies have done well over the past week. A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted...

Scotiabank

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