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NOK/SEK should rise amid diverging monetary policies

FXStreet (Córdoba) - The UBS analyst team recommends a new long NOK, short SEK trade, as they believe the NOK should begin to stabilize after the strong fall on the back of falling Brent oil prices and amid diverging monetary policies.

Key Quotes

“We open a long NOK against a short SEK recommendation at 1.0980, with target 1.13 and stop loss at 1.08”.

“After the strong fall of the NOK on the back of falling Brent oil prices in recent weeks, we believe that the NOK should rebound with stabilizing oil prices”.

“Whereas the Norges Bank is likely to keep interest rates stable, the Swedish Riksbank will be tempted to cut rates once again in either of the two last meetings this year, as inflation has again fallen well below their expectations”.

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