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Arne Rasmussen, Chief Analyst at Danske Bank, noted the Nordic cross is expected to grind lower in the short-term horizon.

Key Quotes

“On Friday, we published a trading recommendation to sell NOK/SEK as a tactical near-term position. The trade reflects the view that we think EUR/SEK could head lower still in the near-term, while we think EUR/NOK has reached the low-end of its trading range”.

“In terms of today’s Scandi data calendar, this morning’s estimate of Norwegian 2019 oil investments will prove tricky to interpret (nominal terms, many projects likely not yet included). Hence, we want to downplay its importance relative to the years of 2014-16 when this was one of the key market movers for the NOK”.