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.

Macroeconomics

<ul><li>Norges Bank hiked the key rate with 50bp last week to 3.75% and signalled new hikes both in August and September</li><li>They now see a key rate top at 4.25%, a forecast we agree with.</li><li>At close to 7%, core inflation has been much higher than anticipated yet again.</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 hiked the key rate with 50bp last week to 3.75% and signalled new hikes both in August and SeptemberThey now see a key rate top at 4.25%, a forecast we agree with.At close to 7%, core inflation has been much higher than anticipated yet again.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.

NO rate forecast update: Nibor at 5% before year-end

FX & Rates

<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

<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.

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)

NO rate forecast update: Nibor at 5% before year-end

Norges Bank hiked the key rate with 50bp last week to 3.75% and signalled new hikes both in August and September. They now see a key rate top at...

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

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

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