Day ahead: In Norway, Norges Bank’s Governor Olsen
gives his annual address (17:00 GMT/12:00 ET). In the
January meeting (statement only), the central bank signaled
some downside risks to activity in H1 on renewed lockdown
measures but highlighted upside progress relative to their
expectations on vaccines. Since then, Q4 GDP data show the
economy shrunk by less than expected in 2020, while 2021
will continue to benefit from strong fiscal support.
Yesterday’s Q1 oil & gas investment survey showed
Norwegian oil companies upgraded their 2021 forecasts
(NOK174bn vs 166bn earlier). We are long NOK/SEK in our
thematic trade of the week.