Market overview
Historic divergence of global monetary policy
Scandies in uncharted territory
Oil prices have bottomed
Theme: The Danish currency peg
Danmarks Nationalbank fighting high demand for DKK
Interest rate hedging
Rate hikes from Fed and BoE are coming closer
We recommend maintaining a high hedge ratio on GBP and USD liabilities
FX hedging
EUR/NOK and EUR/SEK to rise short-term, fall long-term
We recommend hedging NOK- and SEK-denominated income via option strategies
We recommend hedging NOK- and SEK-denominated expenses via FX forwards
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