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Rates & FX: Trades of the year 2020
It is this time of year, which also means that our 2020 top trades are out. All the best wishes for 2020 from Nordea Strategy. Ahead of 2020 we still see elevated risks of a slowdown 2.0 spreading to the service sector. This should lead both the ECB and Fed towards renewed easing, why carry will in general continue to be in high demand into the first half of 2020. Netherlands could be in high demand, when the ECB doubles QE from 20bn to 40bn a month in March, while we think the EUR will continue to suffer from ECBs QE-ternity policy. In Scandinavia, we see clear downside risks to the Swedish economy, and upside risks ... (full story)