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 . 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.