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Market update 20 March: Currency markets calmer as central banks spring into action

  • Markets somewhat calmer yesterday.
  • Norges Bank announced several measures yesterday and today to improve market liquidity and the outlook for the Norwegian economy.
  • This morning they cut the policy rate by 75 basis points to a record low 0.25%.
  • Yesterday, for the first time since 1997, Norges Bank intervened in the FX market and actively bought NOK to ease the downward currency pressure.
  • Furthermore, they have offered additional extraordinary NOK F-loans to banks with up to 12 months maturity at favorable terms.
  • Meanwhile, the US Federal Reserve announced the establishment of temporary USD liquidity arrangements (swap lines) with several central banks, including Norges Bank.
  • The Bank of England also announced more measures, including reducing its key policy rate to 0.1% – a record low – and relaunching a GBP 200 billion QE program.

SKAGEN Fund Summary

  • Good communication and cooperation between all funds with portfolio managers working together on cases and sharing insights at a company and industry level.
  • It is important to not focus too much on the noise in the market.



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