Forex News
Global FX Strategy: SEK ahead of the Riksbank
SEK: Riksbank on hold not necessarily SEK bullish To cut or not to cut in December is a hard guess, but a scenario where the Riksbank leaves rates unchanged will likely come with a lower rate path,
Norway: Somewhat higher – in line with Norges Bank
Somewhat higher core inflation – in line with Norges Bank’s view Inflation will rise further due to NOK weakness
Macro Viewpoint: Sharp drop in Swedish industrial production in October
Manufacturing production dropped by a full 1.7% on the month in October, far below forecasts. Production was a full 5% lower than a year ago. Moreover, order intake fell as well, indicating weak developments also in the coming months.
Morning FX Market Commentary
USD/JPY and EUR/USD are nearing the 2013 top An ongoing risk-on trade and expectations of more BOJ easing are keeping the yen under pressure.
Housing Finance – October 2013
Total housing lending continues to rise, with housing finance to investors and owner-occupiers both remaining on a soliduptrend. Owner-occupied lending is now 17.2% higher on a year ago and investor lending has risen by 28.8%.
Norway: Lower inflation – temporary
• We believe in core inflation on the downside to consensus and Norges Bank • …but lower inflation is probably temporary
Morning FX Market Commentary
Dollar shows mixed picture after strong payrolls On Friday, USD/JPY gained on a strong US payrolls report. At the same time,
Strong NFP – tapering in December now the baseline
Ahead of the report today, the 3-month average employment gain was 202k so against that metric the employment gain in November was bang on its recent trend.
Morning FX Market Commentary
EUR/USD jumps above 1.36 On Thursday, the dollar failed to profit from strong US eco data.
Currency likely to influence timing of RBNZ rate hikes
In assessing the how the landscape differs now from what the RBNZ faced in September, the key difference is undoubtedlythe higher NZD.
Macro Viewpoint: ECB still pondering its options
The ECB kept rates unchanged and confirmed its forward guidance – key interest rates will remain at the current level or lower for an extended period.
Norway viewpoint: Norges Bank on hold
Norges Bank postpones first hike until summer 2015 We believe next move will be a cut summer 2014 Survey of petroleum investments indicates moderate growth in 2014