Falling rates spell kroner/krona opportunities
The Norwegian kroner is expected to re-test February lows against the Swedish krona as the market returns to reflation trades. Last week we called for a higher Norwegian kroner across the board, citing higher oil prices and position squaring on the back of carry-trade liquidation. Carry-trade liquidation has been an important pillar of the kroner support witnessed over the past few weeks, but this is only a temporary event and will vanish. However, high oil prices will continue to support the
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