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The USD holds lower vs. most of its G10 peers, with U.S. President Trump’s delay to 50% tariffs on the EU (deadline kicked back to July 9) weighing on the greenback. Only the safe haven JPY & CHF are lower vs. the USD on the day.
EURNOK has fallen over 6% from the April 11 multi-year highs at 12.2223, and a lower close today (currently -0.15%) would be the seventh consecutive losing session. However, some sell-side names think recent krone strength has run its course, and look for EURNOK to reverse higher in the coming months:
Goldman Sachs write “the recovery in risk sentiment coupled with policy puts on both the monetary and fiscal side continue to create a favourable environment for European sovereign credit. Even a risk wobble on tariff and trade risks saw marginal widening in sovereign credit spreads, which outperformed their equity beta”.