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Danske Bank 1/4: Tactical FX Views.
#EURUSD - Has bounced back slightly in line with equities. We remain short, as per our 2021 top trade.
#EURNOK - as a strategic trade we like to sell NOK vs an equal weighted basket of #EUR and USD.
#EURUSD - Has bounced back slightly in line with equities. We remain short, as per our 2021 top trade.
#EURNOK - as a strategic trade we like to sell NOK vs an equal weighted basket of #EUR and USD.
ING Bank 1/4: Cautious #Riksbank unlikely to halt krona’s strength in 2021.
Despite a more resilient end to 2020, Sweden's #Riksbank remains cautious about the outlook. A further extension to the quantitative easing programme is possible later in the year,
Despite a more resilient end to 2020, Sweden's #Riksbank remains cautious about the outlook. A further extension to the quantitative easing programme is possible later in the year,
ING Bank 2/4: particularly if the downside risks surrounding the virus materialise - though a return to negative rates remains unlikely.
While modestly surprising the market, the bias coming from the meeting today is not enough, on its own, to push #EURSEK below the 10.00 level.
While modestly surprising the market, the bias coming from the meeting today is not enough, on its own, to push #EURSEK below the 10.00 level.
ING Bank 3/4: For this to happen, we need to see the 2Q economic recovery in the eurozone and Sweden, which will then benefit cyclical currencies such as SEK. Near-term, we expect #EURSEK to continue hovering around the 10.10 gravity line,
Danske Bank 1/4: Tactical #FX Views:
#EURUSD - s/t risk is symmetric after the correction in spot. We remain short via 6M seagull, as per our 2021 top trade.
#EURNOK - We remain short but turn increasingly wary of signs of peak potential.
#EURUSD - s/t risk is symmetric after the correction in spot. We remain short via 6M seagull, as per our 2021 top trade.
#EURNOK - We remain short but turn increasingly wary of signs of peak potential.
ING Bank 1/6: #Riksbank to stay cautious despite recent economic resilience
Despite a rise in Covid-19 cases and fresh restrictions, recent Swedish data has held up better than hoped. That means little need for fresh #Riksbank stimulus, though we'd still expect a cautious tone.
Despite a rise in Covid-19 cases and fresh restrictions, recent Swedish data has held up better than hoped. That means little need for fresh #Riksbank stimulus, though we'd still expect a cautious tone.
ING Bank 2/6: The central bank looks set to signal flat interest rates until at least 2024, but still, we expect the krona to strengthen gradually later this year.
The Riksbank meeting this week should have a limited impact on Sweden's krona.
The Riksbank meeting this week should have a limited impact on Sweden's krona.
ING Bank 3/6: With central banks globally becoming more concerned about overly strong domestic currencies, and leaning against this trend (Riksbank’s January decision to change the way it accumulates FX reserves provides a case in point),
