Finland further rating downgrades an increasing threat?

Jun 26, 2015 07:04 am UTC| Commentary

Standard Poors stripped Finland of its AAA rating last year, while Fitch changed the outlook on its AAA rating to negative in March. Moodys, the third major rating agency, followed suit earlier this month, when it changed...

Norway's short rates to continue lower

Jun 26, 2015 07:03 am UTC| Commentary

Last week Norges Bank delivered the long awaited cut and also a clear easing bias for the September meeting. The latter came as a complete surprise to the market which sent the FRA-strip down by about 10bp. Nordea Bank...

Denmark September T-bill looks cheap

Jun 26, 2015 07:00 am UTC| Commentary

Currently the Danish Sep 2015 T-bill looks cheap relative to the German and French equivalent when accounting for FX-forwards even when sold at -0.75%.Sold at these levels there it is likely that there could be activity on...

Greek turbulence could delay the Danish normalisation

Jun 26, 2015 06:56 am UTC| Commentary

If the crisis in Greece escalates, the immediate reaction will likely be a strengthening of the traditional safe-haven currencies including the Danish krone.This would imply a repetition of the movements in the early...

Norwegian macro: More cuts to come

Jun 26, 2015 06:56 am UTC| Commentary

Norges Bank surprised at the June meeting. Not by cutting rates to 1%, but by stating that another cut in September was likely. According to the rate path a cut at the September meeting has a 2/3 chance. A rate cut was...

Sweden Riksbank to acknowledge the uptick in inflation expectations

Jun 26, 2015 06:37 am UTC| Commentary

Riksbank is expected to sound cautious and express its readiness to engage in further easing should the recent inflation recovery come to a stand-still.Yet, Riksbank forecasts a modest uptrend in inflation in the coming...

China's fiscal position will likely be more constrained

Jun 26, 2015 06:35 am UTC| Commentary

The offshore Chinese yuan (CNH) issuance can be accommodated under the revised debt ceiling (on an NPV basis) of 58.3% of GDP for 2015. That said, the issuance, along with domestic debt issues and World Bank credit,...