Who trades the NOK, SEK, DKK | Forex Factory

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Who trades the NOK, SEK, DKK

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  • How many jobs did the US economy lose last month?
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  • #1
  • First Post: Jun 22, 2009 3:55pm Jun 22, 2009 3:55pm
Who has ventured into the Scandinavian currency pairs? FXCM recently released new Krone pairs for the Scandi region and would like your feedback on what types of resources you would like if you were to trade these pairs. Please feel free to toss over the good, the bad, and anything in between.

What has your experience been like trading these pairs in the past?

I'm all ears.
  • #2
  • Jun 22, 2009 3:59pm Jun 22, 2009 3:59pm
Here's a list of the pairs

EUR/ SEK
USD/SEK
CHF/SEK
GBP/SEK
SEK/JPY

USD/NOK
EUR/NOK
CHF/NOK
NOK/JPY

USD/DKK
  • #3
  • Jun 23, 2009 2:27am Jun 23, 2009 2:27am
I trade the NOK with a fundamental bias, so short USD/NOK.
  • #4
  • Jun 23, 2009 10:14am Jun 23, 2009 10:14am
Quoting Xaron
I trade the NOK with a fundamental bias, so short USD/NOK.
What fundamentals are you keeping track of, oil I presume?
  • #5
  • Jun 23, 2009 11:09am Jun 23, 2009 11:09am
So tomorrow we have the always fun FOMC announcement. No changes are expected to the target rate, but we've seen moves the last two months just by changes in the statement. If anyone can remember the insane move in April when EUR/USD jumped 200 pips in nearly 5 minutes. Who's trading and who's staying out, and what are you looking for the FOMC to say/do?

Here's some analysis of what happened during the last two FOMC announcements.

And then Bloomberg has already started talking about Bernanke's possible reappointment. Heard about it on the radio this morning and they posted this article. 60 percent odds on intrade that he gets renominated.
  • #6
  • Jun 23, 2009 11:55am Jun 23, 2009 11:55am
Another article on how the Fed may eventually take out liquidity from the market. http://online.wsj.com/article/SB124561706420735213.html

Food for thought before tomorrow's FOMC.
  • #7
  • Jun 24, 2009 6:22am Jun 24, 2009 6:22am
Yes. Oil is one. Norway has a stable economy and a balanced budget. Oil will raise again (and I don't mean this small one to $70 right now) and the NOK will benefit from that.

The NOK is one of the best (stable) currencies out there to invest money into in the long term. But you need to trade small enough because it makes wild swings.
  • #8
  • Jun 24, 2009 8:51am Jun 24, 2009 8:51am
I was surprised to learn that unemployment in Norway is only at 3.3%. I've added the USD/NOK to my watchlist and subscribed to some research. The attached chart is what I'm looking at on the USD/NOK daily chart.

I'm a minimalist on tech analysis. Looks like the market broke out of it's range from late 2008 to March '09, and now looking for it to stay below the trendlines.


Quoting Xaron
Yes. Oil is one. Norway has a stable economy and a balanced budget. Oil will raise again (and I don't mean this small one to $70 right now) and the NOK will benefit from that.

The NOK is one of the best (stable) currencies out there to invest money into in the long term. But you need to trade small enough because it makes wild swings.
Attached Image (click to enlarge)
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  • #9
  • Jun 24, 2009 11:52am Jun 24, 2009 11:52am
Trade setup in EUR/USD before FOMC announcement. Possibly too risky to get in. Think the announcement could be a crap shoot.
Attached Image (click to enlarge)
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  • #10
  • Jun 24, 2009 11:59am Jun 24, 2009 11:59am
Here's another interesting thing to add to your FOMC watch. Odds on Bernanke being elected are now 63/70 bid/ask on Intrade.

And discussion picking up on Bernanke being re-appointed to his post as chairman. http://www.ft.com/cms/s/0/e10e26f6-6...44feabdc0.html

Personally I think he's done a good job. I know there are a lot of people that feel strongly he has made the wrong decisions, but I think he picked the lesser of evils by bailing out AIG etc.
  • #11
  • Jun 24, 2009 12:46pm Jun 24, 2009 12:46pm
I think no change on Interest Rate today-and dont think today will produce much of a move. I am staying out-as ALL news trading invites the Grim Reaper into your account-lol. I will be back in (usually less than 1 hour) though.
FF = Forex Faggots
  • #12
  • Jun 24, 2009 1:03pm Jun 24, 2009 1:03pm
Earlier fomc was very promising, so today could be disappointment or no change in turn. stocks lower, usd higher, yields lower, who knows.
  • #13
  • Jun 24, 2009 1:26pm Jun 24, 2009 1:26pm
I see a bull vs. bear struggle

first 5 min candle moved 75 pips
  • #14
  • Jun 24, 2009 1:37pm Jun 24, 2009 1:37pm
Demo
Attached Image (click to enlarge)
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  • #15
  • Jun 24, 2009 1:56pm Jun 24, 2009 1:56pm
Quoting Jason Rogers
Trade setup in EUR/USD before FOMC announcement. Possibly too risky to get in. Think the announcement could be a crap shoot.

The trade turned out to be a nice long for 30 pips but the channel is breaking down.
Attached Image (click to enlarge)
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  • #16
  • Jun 24, 2009 2:00pm Jun 24, 2009 2:00pm
Here are some of the highlights of the announcement from DailyFX

the pace of economic contraction is slowing.

the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.

inflation will remain subdued for some time.

to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Federal Reserve will buy up to $300 billion of Treasury securities by autumn.
  • #17
  • Jun 24, 2009 3:10pm Jun 24, 2009 3:10pm
Quoting Peke5
Earlier fomc was very promising, so today could be disappointment or no change in turn. stocks lower, usd higher, yields lower, who knows.

Who knows... That may turn into one of my favorite quotes about news trading. Sort of like trying to trade NFP every month. get within +/- 100k jobs and you've pretty much hit bullseye, and then next month wait for massive revisions. But we digress.

Looking ahead to fed fund futures, they're pricing in 37% chance of fed fund rate increasing to 0.75% by Dec. Dec.
  • #18
  • Jun 30, 2009 2:58pm Jun 30, 2009 2:58pm
Here's a thread to discuss Thursday's NFP release. The NFP report is being released on Thursday and not Friday. Expectations have it coming out at -359k. This could be the best NFP number since September 2008 (if anyone could consider losing 359k jobs a good thing).

Things to watch before then. Tomorrow's ADP number which is expected to be -394k

Vote in the pole, and here's a nice month to month graph showing the employment numbers (graph from Trading Economics).
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  • #19
  • Jul 1, 2009 7:03am Jul 1, 2009 7:03am
ADP report comes out in 15 minutes. Expectations of -394k in job losses.

And the Challenger report showed the pace of job losses is decreasing, positive sign for NFP and the economy.
  • #20
  • Jul 1, 2009 10:56am Jul 1, 2009 10:56am
Losses bigger than expected from ADP, -473k vs. -394k expected.

Some dollar weakness for the morning, but still in a range especially GBP/USD.
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