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>November has been a good month for the NOK, which has strengthened 2,5 percent against EUR and 2 percent against SEK.</li><li>However, we now believe that the NOK appreciation is over in the short term, and we see a risk of a somewhat weaker NOK in the coming month.So why has NOK been so strong through November?</li><li>It is probably a combination of several factors.1) The cumulative total return of a buy-and-hold carry trade position has increased through October and November, due to the increasing interest rate differential between high and low interest rate countries.</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.

November has been a good month for the NOK, which has strengthened 2,5 percent against EUR and 2 percent against SEK.However, we now believe that the NOK appreciation is over in the short term, and we see a risk of a somewhat weaker NOK in the coming month.So why has NOK been so strong through November?It is probably a combination of several factors.1) The cumulative total return of a buy-and-hold carry trade position has increased through October and November, due to the increasing interest rate differential between high and low interest rate countries.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: We see a risk of a somewhat weaker NOK in the coming month

<ul><li>The outcome of the US election has lead us to change our NOK forecast.</li><li>With Trump as president, we expect a further rise in US rates, which will in turn strengthen the dollar somewhat further over the next six months.</li><li>We wrote aNOK Updateone week ago about the upside risk to our NOK forecast with Trump as president.</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 outcome of the US election has lead us to change our NOK forecast.With Trump as president, we expect a further rise in US rates, which will in turn strengthen the dollar somewhat further over the next six months.We wrote aNOK Updateone week ago about the upside risk to our NOK forecast with Trump as president.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.

Macroeconomics

<ul><li>Last week we wrote in detail on the new framework for Norges Bank’s market operation.</li><li>There we looked at the effects on structural liquidity of Norges Bank neutralizing the transfers of fx reserve returns by using the fx market instead of issuing additonal NGBs.</li><li>We also looked at the effects on bank reserves and NGB issuance from the additional 82bn transfer from the government accounts to the oil fund in 2025</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.

Last week we wrote in detail on the new framework for Norges Bank’s market operation.There we looked at the effects on structural liquidity of Norges Bank neutralizing the transfers of fx reserve returns by using the fx market instead of issuing additonal NGBs.We also looked at the effects on bank reserves and NGB issuance from the additional 82bn transfer from the government accounts to the oil fund in 2025Content 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.

Increased structural liquidity and lower Nibor-OIS premium going forward

<ul><li>Next Thursday Norges Bank will keep its key rate at 4.5% as signalled and widely expected.</li><li>As this is an ‘interim’ meeting there will be no new forecasts, only a verbal press statement.</li><li>The statement will highlight that inflation has come in slightly lower than expected but that it is still too high, but also that the NOK has been weaker and forward rates abroad has increased.</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.

Next Thursday Norges Bank will keep its key rate at 4.5% as signalled and widely expected.As this is an ‘interim’ meeting there will be no new forecasts, only a verbal press statement.The statement will highlight that inflation has come in slightly lower than expected but that it is still too high, but also that the NOK has been weaker and forward rates abroad has increased.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>Our forecast implies a slight further weakening of NOK towards year-end and a somewhat stronger NOK next year.</li><li>But if Trump becomes president, the rate cut cycle in the US could soon end and the USD could strengthen further.</li><li>We therefore see a clear risk of a weaker NOK than our current forecasts imply.</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.

Our forecast implies a slight further weakening of NOK towards year-end and a somewhat stronger NOK next year.But if Trump becomes president, the rate cut cycle in the US could soon end and the USD could strengthen further.We therefore see a clear risk of a weaker NOK than our current forecasts imply.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: Risk of Weaker NOK with Trump as President

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: We see a risk of a somewhat weaker NOK in the coming month

November has been a good month for the NOK, which has strengthened 2,5 percent against EUR and 2 percent against SEK. However, we now believe that...

Nordea

NOK Update: Weak NOK for a longer time

With Trump as president, we expect a further rise in US rates, which will in turn strengthen the dollar somewhat further over the next six months.

Nordea

Increased structural liquidity and lower Nibor-OIS premium going forward

There we looked at the effects on structural liquidity of Norges Bank neutralizing the transfers of fx reserve returns by using the fx market...

Nordea

Norges Bank Preview: No change

Next Thursday Norges Bank will keep its key rate at 4.5% as signalled and widely expected. As this is an ‘interim’ meeting there will be no new...

Nordea

NOK Update: Risk of Weaker NOK with Trump as President

Our forecast implies a slight further weakening of NOK towards year-end and a somewhat stronger NOK next year. But if Trump becomes president, the...

Nordea

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