Various Kroners

Nicole Elliott from Mizuho, a technical analyst that I have a lot of respect for, was on CNBC Europe today talking about USDNOK, USDISK and EURSEK currency rates. Below are charts I made that are similar to what she brought on the air.


She thinks the Norwegian krone could strengthen to 5.25 which she said is a level not seen in decades.









She thinks that the Icelandic kronur could go back to 60, where it was about a year ago.










She is least constructive on the Swedish kroner which she sees hovering between 9.0 and 9.3 for quite a while to come.

For my own more fundamental bent, Iceland is exposed to any correction in the yen, Norway is viewed favorably by most folks but the last CPI report was quite weak and Sweden is getting smacked hard today over concerns about fewer future rate increases.

UPDATE UPDATE

I may have seen a bad quote on the Swedish kroner as it appears to be up on the day. Jyske Bank expressed some concern about the Riksbank news due out on Thursday though.