We conduct an FX survey among our Nordic clients on a quarterly basis, asking where they see EUR/SEK, EUR/NOK and EUR/USD trading in three months' time.
Clients are moderately bullish on the SEK, the 'median' forecasting EUR/SEK at 9.20 in 3M. The Riksbank's intervention threat does NOT seem to have had a material impact on clients' view.
Clients are clearly bullish on the NOK, the 'median' seeing EUR/NOK at 9.3567 in 3M. A third of clients expect a break of the low end of the 9.30-9.70 range.
Clients maintain a USD-bullish bias, seeing EUR/USD at 1,1010. At the same time they have significantly lowered their (implicit) forecasts on USD/SEK and USD/NOK.
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