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SEK, NOK remains under pressure – Danske Bank

Chief Analyst at Danske Bank Jens Sorensen assessed the prospects for the Swedish Krona and the Norwegian Krone in the near term.

Key Quotes

“In the Scandies, the past two days rise in EUR/NOK and EUR/SEK have been the largest in more than a year”.

“The stabilisation in overall risk sentiment in financial markets yesterday in the meantime put a halt on further deterioration in NOK and SEK sentiment, which indicates that the selloff in NOK and SEK is likely due to a perfect storm of idiosyncratic factors; hence, Swedish property market woes, sour global risk sentiment and thin liquidity late in the year”.

“We stress that technically we are in uncharted territory following the recent spike – noticeable levels to keep an eye on are 10.08 for EUR/SEK and 9.89 for EUR/NOK. Furthermore, we note that it will be about two weeks before there are tier-1 data releases in the calendar in both Sweden and Norway”.

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