Danske Markets

Despite the strong euro gains seen over the past six weeks, we maintain our view that among the four major currencies, the euro will still be the top pick in H1 13. The combination of (i) fewer tail...

Norges Bank's Olsen says ready to act if NOK gets too strong.Conservative Muto emerging as leading candidate for Bank of Japan top job, supporting JPY.Today focus on G20 meeting and communication, UK...

Trades New: We move our steepening position to SGB1049 vs SGB1052. Start: 61. P/L 75/50. New: We add a steepening position between Jun13 and Mar14. Start: 7.5. P/L: 18/2. New: We establish a short...

This week, we observe significant misalignments in EUR/JPY, EUR/GBP and GBP/USD, all of which trade more than 2 standard deviations from our model estimates. However, we think that these signals have...

Russian economy lacks new growth driversThere will be plenty of January figures from Russia next week that are likely to confirm that economic growth is losing steam. The consumer sector is still...

Bank of Japan keeps policy measures unchanged, while data show that GDP unexpectedly contracted in Q4.Today focus is on preliminary euro-area Q4 GDP figures and Norges Bank's Olsens annual...

On Thursday, the real rate bond with 2017 maturity will be tapped for SEK750m. The most striking movement in the Swedish market since the last auction has been the surge in forward BEI spreads. The...

The Riksbank basically kept its February GDP, inflation and repo rate forecasts unchanged versus December. It argues that the Swedish economy to a large extent is hampered by the crisis in the euro...

The headline is ‘borrowed’ from an opinion by the former SNB chairman Philipp Hildebrand that appears in today’s FT. Hildebrand argues that central banks are simply doing what they...

G7 communication confusion supports JPY despite no-action statement.Obama delivers little news in his State of the Union speech.Big Scandi day today: Riksbank meeting and Norwegian Q4 GDP - also watch...

Currency wars on top of the political agenda ahead of G20 meeting.Ireland's outlook upgraded to stable by S&P.US equities fell marginally while Japanese investors returned to the market with...

This week the scorecard recommends buying SEK, NOK, CHF while selling AUD, GBP, JPY.The long basket this week includes the two Scandinavian currencies, NOK and SEK. Last week's sell-off in both...

US equities rose and S&P500 ended the week higher for the sixth consecutive week.EU leaders managed to reach a seven-year budget deal.Most markets in Asia are closed due to public holidays.Markets...

Adding to net long EUR positions ahead of ECB meeting: The latest IMM data covers the week before last week's ECB meeting when EUR/USD traded as high as 1.37 on expectations that Draghi would sound...

Market movers aheadWe expect the currency war to be in focus at the G20-finance minister meeting but we do not expect the US to join criticism of Japan.The lame-duck Bank of Japan is unlikely to...

Pay EUR 10Y10Y versus receive EUR 5Y5Y (6M basis) in a duration neutral ratio.Scale in: open ½ position at 39.50bp with an option to add risk at 30bp.Target at 55bp, stop 25bp.Roll down: +7bp...