expand/collapse risk warning

CFDs come with a high risk of losing money rapidly due to leverage. 71% of accounts lose money when trading CFDs with this provider. You should understand how CFDs work and consider if you can take the risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

71% of retail investor accounts lose money when trading CFDs with this provider.

Stocks Trading

What Moves the Markets during Summer? Nordic Volatility & Macro Triggers

A trader watching the markets on a laptop while sitting outdoors symbolizes summer trading.

The myth of the “quiet summer” in financial markets is just that — a myth. While trading volumes may dip, the potential for summer volatility often increases as thinner liquidity meets unexpected macro headlines.

In this article, we examine the factors that drive the Nordic region's markets during the summer months, including key market drivers, global macroeconomic events, and practical considerations for traders.

Start your trading journey with Skilling!

71% of retail CFD accounts lose money.

Trade Now

Why Summer Doesn’t Mean Silence

Lower participation doesn’t equal lower risk. In fact, summer often brings:

  • Wider price swings due to thinner order books
  • Unexpected reactions to economic data
  • Greater influence from global macro shocks

When major institutions are on vacation, even a modest data release or geopolitical headline can shake things up.

Key Drivers of Summer Volatility

1. Central Bank Surprises

While central banks often slow communication in summer, any unscheduled statements or unexpected inflation prints can move markets fast. The Riksbank, ECB, and Fed all hold key weight during June–August.

2. Earnings Season (Q2)

Swedish and Nordic companies typically report Q2 results in late July to early August . Missed expectations or revised guidance can spark sharp reactions — especially in small/mid-cap stocks with lighter liquidity.

3. Currency Moves

The Swedish krona (SEK), and the Norwegian krone (NOK) are both sensitive to ECB and Fed decisions, particularly if interest rate differentials widen. During low-liquidity periods, the SEK and NOK often overreacts , making currency pairs involving NOK/ SEK especially volatile.

4. Commodities & Energy

Nordic markets are heavily exposed to oil, electricity, and base metals. Summer wildfires, heatwaves, and/or shifts in demand can have a material impact on these sectors, and thus major indices like OMXS30 and OBX.

5. Geopolitical Risk

Summer is prime time for geopolitical headlines: NATO decisions, EU summits, or conflict developments tend to surface mid-year. With low liquidity, the market reaction can be amplified.

Swedish Market Drivers to Watch

In Sweden specifically, watch for:

  • Riksbank guidance and speeches
  • H&M, Volvo, and Ericsson earnings
  • Housing market data (often released in early July and August)
  • SEK cross volatility (especially EUR/SEK and USD/SEK)

Capitalise on volatility in share markets

Take a position on moving share prices. Never miss an opportunity.

77% of retail CFD accounts lose money.

Sign up

Norwegian Market Drivers to Watch

In Norway specifically, watch for:

  • Norges Bank guidance and interest rate decisions
  • Earnings from Equinor, DNB, and Telenor
  • Housing price data and construction activity (typically released early in the month)
  • NOK currency volatility, especially EUR/NOK and USD/NOK

These SE/NO market drivers can often lead to sharp intraday or multi-day movements during the summer lull.

Smart Trading During Summer

  • Using higher timeframes (4H, Daily) generally helps minimize market noise
  • Use price alerts rather than sitting at the screen
  • Always set stop-loss and take-profit orders
  • Keep an eye on major macro events and high-liquidity instruments

Summer rewards the prepared. Know the calendar. Stay flexible. And don’t underestimate the power of a single headline in a quiet market.

Past performance does not guarantee or predict future performance. This article is offered for general information purposes only and does not constitute investment advice.

Start your trading journey with Skilling!

71% of retail CFD accounts lose money.

Trade Now

Capitalise on volatility in share markets

Take a position on moving share prices. Never miss an opportunity.

77% of retail CFD accounts lose money.

Sign up