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Forex Flash: Building a NOK framework - Nomura

Nomura strategists Geoffrey Kendrick and Matthew Slade note that a well developed framework for analysis is always useful as an FX strategist.

With G10, they feel that this is most true for NOK, given the complex nature of the inflows associated with the government pension fund. Overall, they feel that there is a bias to sell EUR/NOK as the 2012 sale of an extra NOK 9bln from the petro buffer is unlikely to be repeated in 2013. Furthermore, they note that the basic balance suggests that EUR/NOK “should” be lowered. They finish by writing, “We see Thursday’s Norges Bank meeting as likely to maintain the first rate hike forecast for December, providing a catalyst for EUR/NOK to move lower, catching up to EUR/SEK.”

Spain 6-Month Letras Auction declines to 0.794% vs 0.859%

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Forex Flash: EUR/USD top heavy ahead of EU council meet - OCBC Bank

Emmanuel Ng of OCBC Bank notes that ahead of the EU Council meeting on Thursday and Friday, EUR/USD looks relatively top heavy, with the pair still loitering near the key 1.3050/60 area at this juncture.
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