External broker reports(aggregated public sources), Nordea

Nordea

External broker reports(aggregated public sources)

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FX & Rates

<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>Norges Bank was the first and is now the last hawk amongst G10 central banks in this hiking cycle.</li><li>With a Fed and ECB pivot in sight, Norges Bank will need to keep rates higher for longer due to higher and more pronounced price pressures in the Norwegian economy than in the US and Europe.</li><li>The central bank needs a stronger NOK to bring the price pressure under control.</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 was the first and is now the last hawk amongst G10 central banks in this hiking cycle.With a Fed and ECB pivot in sight, Norges Bank will need to keep rates higher for longer due to higher and more pronounced price pressures in the Norwegian economy than in the US and Europe.The central bank needs a stronger NOK to bring the price pressure under control.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: Norges Bank Wants the NOK to Fly High

<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.

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>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

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: 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

NOK Update: Norges Bank Wants the NOK to Fly High

We also expect NOK sales on behalf of the Government to be halved next year, starting from January. This should also support the NOK ahead.

Nordea

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

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

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

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