Niels is Head of Research in Denmark. He oversees the teams doing Danish macro research, fixed income including credit strategy, derivatives and FX research. In his own research, Niels maintains a strong focus on global interest rate markets - forming views and creating trading strategies for both asset and liability clients serviced out of Copenhagen.
Niels holds B.Sc. and a M.Sc. in economics from the University of Copenhagen. He has spent several years in London and Frankfurt for Deutsche Bank and Dresdner Kleinwort. Prior to that he has also worked for Danske Markets.
Return to more comfortable levels, but low-for-long is acknowledged
More fragility, but overall assessment unchanged: Stick to the ranges.
Markets taking a breather – next stop Italian elections and LTRO II redemptions.
Nordea Risk Perception Index increased slightly on FX and Rates vol increases. We still recommend to apply vol markets to either gain protection against adverse scenarios or to enter positions that benefit from markets being kept fairly at bay.
Low rates, low realized and implied vol and continued downward pressure on risk premiums for a longer period.