The Norges rate decision at 09:00 London this morning is the focus. The theme for the week has been for macro names dipping their toes back into long NOK given the attractive entry levels. The desk noted demand vs USD, EUR and SEK. Meanwhile, I would estimate Real Money to be still trading Skandis from the short side and therefore think overall positioning is balanced. I still favour long NOKSEK on current levels as it takes out part of the risk on/off noise. I have trimmed longs ahead of the meeting to have some flexibility into the event. The levels to watch on the upside are .9920 and 1.0020. The very short-term uptrend comes in at 0.9825, while 0.9700 remains the key pivot. In EURNOK, the first level is 11.27 with the uptrend at 11.12. The uptrend line in EURSEK comes in at 11.09.
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