External broker reports(aggregated public sources), Nordea

Nordea

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>Norges Bank just announced that they will keep the daily NOK sales unchanged at 1400 million per day in December (sales of 1400 million NOK per day up to and including 15 December).</li><li>This was what we expected as the most likely outcome beforehand, although we wouldn’t be surprised if the NOK sales were reduced a tad today.</li><li>That said, we believe that a larger cut in NOK sales will be announced on the 29 of 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.

Norges Bank just announced that they will keep the daily NOK sales unchanged at 1400 million per day in December (sales of 1400 million NOK per day up to and including 15 December).This was what we expected as the most likely outcome beforehand, although we wouldn’t be surprised if the NOK sales were reduced a tad today.That said, we believe that a larger cut in NOK sales will be announced on the 29 of 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>EURNOK is now trading just below 11.80, down from a peak at 11.96 yesterday. USDNOK has fallen to 10.86 from 11.15.</li><li>The larger decline in USDNOK compared to EURNOK needs to be seen in light of a broad USD weakening, with EURUSD up from 1.07 to around 1.085.</li><li>The massive NOK rally happened after the publishing of the US CPI figures, with core inflation falling from 4.1% y/y down to 4% while consensus was for no decline. </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 now trading just below 11.80, down from a peak at 11.96 yesterday. USDNOK has fallen to 10.86 from 11.15.The larger decline in USDNOK compared to EURNOK needs to be seen in light of a broad USD weakening, with EURUSD up from 1.07 to around 1.085.The massive NOK rally happened after the publishing of the US CPI figures, with core inflation falling from 4.1% y/y down to 4% while consensus was for no decline. 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: Huge Relief Rally but Will It Be Sustained?

<ul><li>EURNOK is trading around 12.00. Lately, good news has been disregarded while bad news has hurt the NOK.</li><li>Seasonally speaking, this is not the best time for the NOK.</li><li>We expect the NOK to do better at the start of next year, but risks remain.</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 trading around 12.00. Lately, good news has been disregarded while bad news has hurt the NOK.Seasonally speaking, this is not the best time for the NOK.We expect the NOK to do better at the start of next year, but risks remain.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: EURNOK Above 12 for a 3rd Time

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Happy Saturday everyone, and welcome back to our weekly positioning watch, where we dissect how traders and investors are positioning themselves in the current market.</li><li>As with every other rally, retail investors end up blindly following the big players, and long risk might very well be the play to make as flows from ETFs and retail investors continue to lift markets.</li><li>And with that in mind, we have spiced up today’s version, moving away from the CFTC report and instead trying to have a look at what various surveys are telling us about the current market.</li></ul>

Happy Saturday everyone, and welcome back to our weekly positioning watch, where we dissect how traders and investors are positioning themselves in the current market.As with every other rally, retail investors end up blindly following the big players, and long risk might very well be the play to make as flows from ETFs and retail investors continue to lift markets.And with that in mind, we have spiced up today’s version, moving away from the CFTC report and instead trying to have a look at what various surveys are telling us about the current market.

Positioning Watch – The Goldilocks Scenario is Intensifying

<ul><li>The Norwegian rates case is always interesting when we see significant moves in NOK, foreign rates, and energy prices.</li><li>Norges Bank is in contrast to other central banks extremely structured/mechanical around their rate decisions and the upcoming policy bias can hence be tracked with a decent precision in real time.</li><li>Here is a brief summary of the current status of the (semi)-mechanical adjustments to the rate path from June, given recent development.</li></ul>

The Norwegian rates case is always interesting when we see significant moves in NOK, foreign rates, and energy prices.Norges Bank is in contrast to other central banks extremely structured/mechanical around their rate decisions and the upcoming policy bias can hence be tracked with a decent precision in real time.Here is a brief summary of the current status of the (semi)-mechanical adjustments to the rate path from June, given recent development.

Scandi Watch: Norges Bank -> A hawk flying among doves?

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: Ending at a high

Norges Bank just announced that they will keep the daily NOK sales unchanged at 1400 million per day in December (sales of 1400 million NOK per day...

Nordea

NOK Update: Huge Relief Rally but Will It Be Sustained?

The massive NOK rally happened after the publishing of the US CPI figures, with core inflation falling from 4.1% y/y down to 4% while consensus was...

Nordea

NOK Update: EURNOK Above 12 for a 3rd Time

EURNOK is trading around 12.00. Lately, good news has been disregarded while bad news has hurt the NOK. Seasonally speaking, this is not the best...

Nordea

Positioning Watch – The Goldilocks Scenario is Intensifying

Happy Saturday everyone, and welcome back to our weekly positioning watch, where we dissect how traders and investors are positioned

Steno Research

Scandi Watch: Norges Bank -> A hawk flying among doves?

The Norwegian rates case is always interesting when we see significant moves in NOK, foreign rates, and energy prices. Norges Bank is in contrast...

Steno Research

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