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 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.

Macroeconomics

<ul><li>Norges Bank plans to increase NGB issuance to between 100 and 110 bn NOK in 2024, a large increase from the 80bn issued this year. </li><li>NGBs are mainly used to fund various government lending schemes, but the bulk of next year’s increase is not from these programs and a source of some uncertainty to us. </li><li>The Government Budget cites the end of the special income stream from the discontinuation of a government infrastructure fund (it added 100bn in 2023) as the reason behind the increased funding needs (“Gul bok” p44 and p88, in Norwegian only).</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 plans to increase NGB issuance to between 100 and 110 bn NOK in 2024, a large increase from the 80bn issued this year. NGBs are mainly used to fund various government lending schemes, but the bulk of next year’s increase is not from these programs and a source of some uncertainty to us. The Government Budget cites the end of the special income stream from the discontinuation of a government infrastructure fund (it added 100bn in 2023) as the reason behind the increased funding needs (“Gul bok” p44 and p88, in Norwegian only).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.

External broker reports(aggregated public sources), Scotiabank

Scotiabank

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. 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.

<ul><li>High beta currencies have done well over the past week.</li><li>A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted pro-cyclical currencies.</li><li>Top of the pack over the last five trading sessions is the NOK (helped by the jump in Brent around Red Sea focus, for sure), followed by the ZAR, AUD, SEK and NZD.</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.

High beta currencies have done well over the past week.A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted pro-cyclical currencies.Top of the pack over the last five trading sessions is the NOK (helped by the jump in Brent around Red Sea focus, for sure), followed by the ZAR, AUD, SEK and NZD.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.

FX Snapshot - Stretched Valuation Does Not Preclude More USDCAD Losses

<ul><li>Just after I sent out last week’s note, the CAD started to show some signs of a revival against the USD and averted further losses to retest the 1.39 area as I feared could be the case; there was some underlying resilience in the CAD after all.</li><li>But although the CAD has picked up ground against a soft USD this week, its 0.5% rise is the smallest among the major currencies.</li><li>The sharp slide in crude oil seemed to pin back the CAD Thursday but a look at the currency performance league on the week shows the MXN, NOK and AUD in the top five, with gains of at least 2%. </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.

Just after I sent out last week’s note, the CAD started to show some signs of a revival against the USD and averted further losses to retest the 1.39 area as I feared could be the case; there was some underlying resilience in the CAD after all.But although the CAD has picked up ground against a soft USD this week, its 0.5% rise is the smallest among the major currencies.The sharp slide in crude oil seemed to pin back the CAD Thursday but a look at the currency performance league on the week shows the MXN, NOK and AUD in the top five, with gains of at least 2%. 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.

CAD Weekly Outlook - CAD Lags But Can Progress Against Softer USD

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: 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

NGB: Borrowing Programme 2024

Norges Bank plans a large increase in bond issuance next year and could at the same time restart their swap program. We comment on last week's...

Nordea

FX Snapshot - Stretched Valuation Does Not Preclude More USDCAD Losses

High beta currencies have done well over the past week. A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted...

Scotiabank

CAD Weekly Outlook - CAD Lags But Can Progress Against Softer USD

Just after I sent out last week’s note, the CAD started to show some signs of a revival against the USD and averted further losses to retest the...

Scotiabank

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