Results for Krona
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A Few Notes on FX

October 25, 2012
The US dollar is trading heavily after yesterday's mini-reversal, with a stronger than expected UK GDP report allowing sterling to lead the charge.  The UK reported a 1% rise in Q3 GDP over Q4.  The consensus was for 0.6%-0.7% expansion after three quarters of contraction.  
The news, coupled with recent comments from BOE's King, have damp…
A Few Notes on FX A Few Notes on FX Reviewed by Marc Chandler on October 25, 2012 Rating: 5
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RBA Delivers, Is the Riksbank Next?

October 02, 2012
The Reserve Bank of Australia delivered a 25 bp rate cut earlier today. While the ECB, BOE and BOJ meet later this week, expectations are low for additional action. Sweden's Riksbank meets on October 25 and could be the next central bank to cut rates.
The Riksbank cut the repo rate 25 bp in early September to 1.25%. Recent data has been ex…
RBA Delivers, Is the Riksbank Next? RBA Delivers, Is the Riksbank Next?  Reviewed by Marc Chandler on October 02, 2012 Rating: 5
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Sweden

August 06, 2012
Since mid-May the Swedish krona has been the strongest of the major currencies, appreciating roughly 4.5% against the dollar and nearly 9%  against the euro.

Sweden's interest rates are attractive, especially on a risk-adjusted basis. At 90 bp, the two-year note yield is considerably higher than attainable in the non-periphery of Europe and w…
Sweden Sweden Reviewed by Marc Chandler on August 06, 2012 Rating: 5
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Currencies Consolidate Awaiting Key Events

July 30, 2012
The US dollar is consolidating the losses suffered at the end of last week. It remains largely confined to the ranges seen before the weekend. The Swedish krona is the best performer following the better than expected Q2 GDP (1.4% vs 0.3% consensus).  The Australian dollar is the other exception.  Speculation of a rate cut next week have been sc…
Currencies Consolidate Awaiting Key Events Currencies Consolidate Awaiting Key Events Reviewed by Marc Chandler on July 30, 2012 Rating: 5
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Currencies Consolidate Pre-Weekend Moves

July 02, 2012
The major foreign currencies were unable to build on the euphoric gains seen before the weekend in response to the EU Summit developments.  Even before it was clear that the Netherlands and Finland were not keen on the direct bank access to ESM funds, the euro's gains were being trimmed.  
In part, this is a learned behavior.  Participants ha…
Currencies Consolidate Pre-Weekend Moves Currencies Consolidate Pre-Weekend Moves Reviewed by Marc Chandler on July 02, 2012 Rating: 5
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Late Dollar Longs Vulnerable

May 17, 2012
Perhaps it is the California air, where I am on a business trip, but it seems that the euro bears have run their course for the time being and a corrective phase may be unfolding.   The late buyers of dollars against most of the major and emerging market currencies look vulnerable.
Just like I brought to your attention the importance of the gaps…
Late Dollar Longs Vulnerable Late Dollar Longs Vulnerable Reviewed by Marc Chandler on May 17, 2012 Rating: 5
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Dollar and Yen Bounce Back

April 10, 2012
As full liquidity returns to the markets for the first time in nearly a week, the US dollar and Japanese yen have rallied.  First though weak short euros and long yen cross positions were squeezed in early Asia, but by the time Europe entered the fray, the moves were well under way, with the euro and sterling coming off and the yen rallying. 
Th…
Dollar and Yen Bounce Back Dollar and Yen Bounce Back Reviewed by Marc Chandler on April 10, 2012 Rating: 5
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Scandi Update

March 30, 2012
The Norwegian krone and Swedish krona are the strongest major currencies today, appreciating about 0.85% and 0.6% respectively. While the fundamental justification of the more modest gains in the other major foreign currencies may be more elusive, in the Scandi's case, fundamental developments are supportive.
Sweden reported stronger business…
Scandi Update Scandi Update Reviewed by Marc Chandler on March 30, 2012 Rating: 5
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Next CB to Provide 3-Year Loans? Denmark

March 23, 2012
The Danish central bank will borrow a page from the ECB's playbook and provide 3-year loans to local banks next week (March 30). Denmark's banks (~120) have been largely locked out of the funding markets since senior creditors lost money when Amagerbanken failed a year ago.
Danish banks have to repay about DKK150 bln of state-backed debt n…
Next CB to Provide 3-Year Loans? Denmark Next CB to Provide 3-Year Loans?  Denmark Reviewed by Marc Chandler on March 23, 2012 Rating: 5
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Note on CFTC Commitment of Traders

February 25, 2012
The foreign exchange market is overwhelmingly a over-the-counter market. Yet the lack of transparency there relative to the considerably smaller but more somewhat more transparent futures market encourages investors and analysts to watch the weekly Commitment of Traders report.  
Positioning, as we have previously discussed is one of two kinds:  co…
Note on CFTC Commitment of Traders Note on CFTC Commitment of Traders Reviewed by Marc Chandler on February 25, 2012 Rating: 5
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Ten Observations To Start the Week

February 13, 2012
1.The approval by the Greek parliament of the latest austerity package now shifts the focus to the Eurogroup meeting of finance ministers on Wednesday for their support. The new austerity proved too much for the Greek government and a cabinet reshuffle is needed. Political pressure will mount to set a date for the elections. The successful Greek v…
Ten Observations To Start the Week Ten Observations To Start the Week Reviewed by Marc Chandler on February 13, 2012 Rating: 5
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Euro Slump Extended, Mediocre Italian Bond Auction, Poor Hungarian Debt Sale Euro Slump Extended, Mediocre Italian Bond Auction, Poor Hungarian Debt Sale Reviewed by Marc Chandler on December 29, 2011 Rating: 5
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Riksbank Meets Tuesday, Market Risks Disappointment

December 19, 2011
In recent days the Swedish krona has been among the strongest of the major currencies. It continues to trade like a high beta euro in the sense that it seems to move in the same direction of the euro but more so. The recent low in the euro was in the middle of last week near $1.2950. The dollar's high against the krona, the highest since last …
Riksbank Meets Tuesday, Market Risks Disappointment Riksbank Meets Tuesday, Market Risks Disappointment Reviewed by Marc Chandler on December 19, 2011 Rating: 5
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Norway Surprises and Ongoing Funding Woes

December 14, 2011
Norges Bank cut its official deposit rate by 50 bp to 1.75%. Most were looking for a 25 bp move, but some local banks had been warning of a 50 bp. The central bank was clearly concerned about the knock-on effects from the euro zone, but also noted that market funding for Norwegian banks was less accessible.
The dollar funding pressure continues to…
Norway Surprises and Ongoing Funding Woes Norway Surprises and Ongoing Funding Woes Reviewed by Marc Chandler on December 14, 2011 Rating: 5
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Risk Assets Jump, Smell Something, See Nothing

November 28, 2011
Equities, most foreign currencies and commodities have rallied.  It is not as if there has been a great deal of clarity over the weekend.  There have been a number of press reports that have been suggestive, but some, like the report that the IMF was preparing a massive loan program to Italy, has been denied. 
Hopes that the Tue-Wed Eurogroup meeti…
Risk Assets Jump, Smell Something, See Nothing Risk Assets Jump, Smell Something, See Nothing Reviewed by Marc Chandler on November 28, 2011 Rating: 5
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Swiss National Bank and Other Surprises

September 06, 2011
The Swiss National Bank had to act.  I don't just say this because they have surprised the market today, but even in yesterday's post, it seemed clear that if it did not act, it would lose credibility and would increase the challenge of coping with a strong franc.  As of yesterday, the Swiss franc had recouped about 50% of its losses sinc…
Swiss National Bank and Other Surprises Swiss National Bank and Other Surprises Reviewed by Marc Chandler on September 06, 2011 Rating: 5
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Sweden Update

August 22, 2011
Capital preservation has once again has become mantra. The safety offered by Japan and Switzerland are meeting resistance from policy makers. As the market looks for alternatives, the Swedish krona has much to offer, including a relatively robust economy, low public debt and a current account surplus.
However, the economy is slowing, led by indus…
Sweden Update Sweden Update Reviewed by Marc Chandler on August 22, 2011 Rating: 5
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Update: Correlations between Selective Currencies and S&P 500

June 28, 2011
(This is an update from this post.) As the Q2 winds down, it may be useful to review the recent correlations between some of the major currencies and the US S&P 500. The correlation calculations are conducted on the basis of percentage change of the currency and the S&P 500. What follows are the highlights.
Update: Correlations between Selective Currencies and S&P 500 Update: Correlations between Selective Currencies and S&P 500 Reviewed by Marc Chandler on June 28, 2011 Rating: 5
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Thinking about Haircuts

April 27, 2011
What a cruel month April has been to the peripheral debt markets. Greek 10-year yields have risen 349 bp, more than the cumulative increase over the previous 11 months. Portugal's 10-year yield has risen 180 bp this month and 190 bp over the previous 11 months. Of the three, Ireland has performed best with the 10-year yield rising 42 bp this m…
Thinking about Haircuts Thinking about Haircuts Reviewed by Marc Chandler on April 27, 2011 Rating: 5
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Monday Update

April 25, 2011
The US dollar is mostly softer in relatively quiet turnover as many in Europe are still celebrating the Easter holidays.  The main weight on the dollar continues to emanate from divergent interest rate paths.   The premium Germany offers over the US on 2-year sovereign paper was 20 bp at the end of last year.  Last week it reached 116 bp.
Monday Update Monday Update Reviewed by Marc Chandler on April 25, 2011 Rating: 5
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