External broker reports(aggregated public sources), Nordea

Nordea

External broker reports(aggregated public sources)

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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.

<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

<ul><li>We expect core inflation to fall to 3.3% y/y from 3.4% in June while Norges Bank has 3.7% pencilled in for July.</li><li>The data will be published on Friday 9 August at 8AM CET.</li><li>The main reason for the decline is a smaller increase in food prices this July compared to last year.</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 expect core inflation to fall to 3.3% y/y from 3.4% in June while Norges Bank has 3.7% pencilled in for July.The data will be published on Friday 9 August at 8AM CET.The main reason for the decline is a smaller increase in food prices this July compared to last year.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 CPI Preview: Lower Inflation but No Rate Cut on the Agenda

<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

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 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

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

NO CPI Preview: Lower Inflation but No Rate Cut on the Agenda

We expect core inflation to fall to 3.3% y/y from 3.4% in June while Norges Bank has 3.7% pencilled in for July. The data will be published on...

Nordea

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

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