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Top Trade Idea 2020: Long NOKSEK – Seasonal Trends Remain Prominent

Top Trade Idea 2020: Long NOKSEK – Seasonal Trends Remain Prominent

Justin McQueen, Analyst

As has typically been the case over the past 5-years price action in NOK/SEK has been typically characterized by selling into the yearend before posting a notable rebound in Q1.

NOK/SEK 5-year Average Seasonality (Chart 1)

NOKSEK Chart

We expect this to be the case yet again for 2020. Given the monetary policy divergence between the Riksbank and the Norges Bank with the latter hiking twice as many times (4) as the Riksbank over the past 16-months, current valuations look to be somewhat on the low side for the Norwegian Krone, as such, we expect carry support to bode well for NOK/SEK.

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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