Results for Scandinavia
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Euro, Canadian Dollar, Swedish Krona, Yen

May 28, 2010
The euro has broken above the $1.2350-$1.2400 band of resistance that has capped the corrective upticks in recent days. If this is sustained, we have suggested there is potential in the coming sessions toward $1.2600.
Our constructive outlook for the dollar was never based solely on Europe’s woes, though of course that has been the dominant factor…
Euro, Canadian Dollar, Swedish Krona, Yen Euro, Canadian Dollar, Swedish Krona, Yen Reviewed by Marc Chandler on May 28, 2010 Rating: 5
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Norway Hikes, but Sounds more Neutral

May 05, 2010
Norway's central bank, the Norges Bank, hiked key deposit rate by 25 bp today to 2%. It was a close call in terms of opinion surveys and the bank's board did consider keeping rates on hold. I had favored that scenario given some softness in recent data and the ongoing market turmoil.
The Norges Bank hiked rates twice in Q4 09 and this is t…
Norway Hikes, but Sounds more Neutral Norway Hikes, but Sounds more Neutral Reviewed by Marc Chandler on May 05, 2010 Rating: 5
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Norges Bank Stands Pat, Pushes Out Hike, NOK Lower

March 24, 2010
In what was thought to be a close call the Norwegian central bank left rates unchanged at 1.75%. In its guidance it makes it seem like it was not that close of a call after all, noting that some industries are still contracting and revised up its forecast for unemployment for next year (3.75% vs 3.5%).It also noted that underlying inflation was sl…
Norges Bank Stands Pat, Pushes Out Hike, NOK Lower Norges Bank Stands Pat, Pushes Out Hike, NOK Lower Reviewed by Marc Chandler on March 24, 2010 Rating: 5
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Underlying Euro Weakness Evident on Crosses

March 17, 2010
The euro has once again been turned back from the upper end of its 4-5 week trading range against the dollar. The euro has been unable to make much head way despite a couple of favorable developments, including a relaxation of anxiety over Greece and the weaker credits in Europe, economic data that suggests a recovery is taking hold, and that the …
Underlying Euro Weakness Evident on Crosses Underlying Euro Weakness Evident on Crosses Reviewed by Marc Chandler on March 17, 2010 Rating: 5
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Swedish Risks

February 23, 2010
Many investments houses have been extremely bullish on the Swedish krona. Swedish shares have generally outperformed most European bourses thus far this year, with the exception of Switzerland. Swedish bonds have also fared fine, with 10-year yields falling 7 bp this year and at 3.21% is between the two pillars of the euro zone--Germany (3.16%) an…
Swedish Risks Swedish Risks Reviewed by Marc Chandler on February 23, 2010 Rating: 5
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Sweden's Riksbank Joins Normalization Efforts

February 04, 2010
The focus was on the BOE and ECB today, but little fresh has been revealed by them. One central bank that did do something was Sweden's Riksbank. It indicated that it will no longer be proving 12-month loan to banks. Shorter term duration loans will still be provided. This is not a very big deal, as the ECB and other central banks have already…
Sweden's Riksbank Joins Normalization Efforts Sweden's Riksbank Joins Normalization Efforts Reviewed by magonomics on February 04, 2010 Rating: 5
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What is Driving Norway

October 19, 2009
Norway is widely expected to be the next major country to hike rates. The Norges Bank meetings on Oct 27 and the following day is likely to lift the deposit rate 25 bp to 1.5%. As one of the early hikers, the krone has benefitted. In addition, relatively poorer news from Sweden has seen the krone appreciate almost 9% since Sept 23 against the kron…
What is Driving Norway What is Driving Norway Reviewed by Marc Chandler on October 19, 2009 Rating: 5
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Trajectory of Policy Mix Bullish for NOK

October 14, 2009
The trajectory of the policy mix in Norway will continue to underpin the krone and may lead to some under-performance of the local bond market and underpin the equity market, which is one of the best performers in developed Europe. Although the Norwegian economy is expanding sufficiently to prompt the central bank to have considered hiking rates l…
Trajectory of Policy Mix Bullish for NOK Trajectory of Policy Mix Bullish for NOK Reviewed by Marc Chandler on October 14, 2009 Rating: 5
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Sweden Disappoints

October 08, 2009
Sweden's industrial order and production data disappointed the market. August industrial production was expected to have risen almost 1%, but increased Sweden reported a 2.9% decline, which is the largest drop in the cycle. And, adding insult to injury, the July decline was revised to -0.6% from -0.5%. The year-over-year rate edged lower to -2…
Sweden Disappoints Sweden Disappoints Reviewed by Marc Chandler on October 08, 2009 Rating: 5
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The United States and Norway

September 28, 2009
It is a study of contrasts. About midway through the 24-hour trading day on Wednesday, 23 September, the Norwegian central bank announced that although it had considered raising its key rates, it decided not to. A few hours later, the Federal Reserve announced that not only would rates be left on hold, it anticipates the economic conditions that w…
The United States and Norway The United States and Norway Reviewed by magonomics on September 28, 2009 Rating: 5
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The Interesting Case of the Swedish Krona

August 31, 2009
Sweden's central bank, the Riksbank, meets on Thursday. It is the same day as the ECB meeting and is likely to be overshadowed by it. Yet there is something important happening in Sweden that is worth looking closer at.
Riksbank Adopted Negative Deposit Rate in Early July Central banks in Europe place their key rate between a deposit rate, wha…
The Interesting Case of the Swedish Krona The Interesting Case of the Swedish Krona Reviewed by magonomics on August 31, 2009 Rating: 5
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Consider Long Canadian Dollar, Short Swedish Krona

August 26, 2009
As we noted in the North American daily comment, we suspect the market has exaggerated the likelihood of Bank of Canada intervention and this is presenting a lower risk opportunity to buy the Canadian dollar. Meanwhile, a lot of good news has been priced into the Swedish krona, which has appreciated nearly 13% against the US dollar since early Jul…
Consider Long Canadian Dollar, Short Swedish Krona Consider Long Canadian Dollar, Short Swedish Krona Reviewed by magonomics on August 26, 2009 Rating: 5
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Norway CB Steadies Hand, But Tilts Hawkish

August 12, 2009
As widely expected Norway's central bank left rates on hold at 1.25%, but reaffirmed a slight hawkish bias that saw the krone rally nearly 1% in a few minutes. Norges Bank said that it anticipates its key rates to be 0.75%-1.75% by year end. That would seem neutral, 50 bp on either side of the current target. However, it also added that it may…
Norway CB Steadies Hand, But Tilts Hawkish Norway CB Steadies Hand, But Tilts Hawkish Reviewed by magonomics on August 12, 2009 Rating: 5
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Head and Shoulders Bottom in USD vs SEK

June 22, 2009
The new concerns about world growth and profit-taking on what have been strong performers in H1 has seen the US dollar push through a neck line of a potential head and shoulders bottoming pattern of against the Swedish krona. However, short-term momentum readings were over-bought when the dollar rose through the SEK8.00 level. Look for the dollar …
Head and Shoulders Bottom in USD vs SEK Head and Shoulders Bottom in USD vs SEK Reviewed by Marc Chandler on June 22, 2009 Rating: 5
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