The Scandinavian countries, comprising Sweden, Norway, and Denmark, have chosen not to adopt the euro and remain independent in their monetary policies. This decision has given rise to unique trading opportunities involving their respective currencies – the Swedish Krona (SEK), Norwegian Krone (NOK), and Danish Krone (DKK). While trading volumes in these currencies are relatively light compared to major pairs, they still offer valuable speculative opportunities depending on the prevailing circumstances.

1. Swedish Krona (SEK)

The Swedish Krona, affectionately called "Stocky" after the capital Stockholm, is denoted by the currency code SEK. According to the 2019 BIS survey, USD/SEK and EUR/SEK accounted for 1.3% and 0.5% of daily global volume, respectively. However, these volumes had declined since 2013, possibly due to the rising popularity of other currencies like the Chinese renminbi and the Australian dollar.

The Swedish central bank, Sveriges Riksbank, is an independent entity responsible for setting interest rates and maintaining currency stability. Traders interested in SEK should closely monitor economic data from Sweden, along with statements from the governor and other Riksbank officials. The Riksbank follows an inflation target, and CPI reports significantly influence interest rate outlooks and the value of SEK. Additionally, the Riksbank is known to express its views on the krona's value concerning EUR, as most of Sweden's trade is conducted with Eurozone countries.

2. Norwegian Krone (NOK)

The Norwegian Krone, nicknamed "Nokkie," shares its currency code NOK. The 2019 BIS survey indicated that USD/NOK and EUR/NOK trading volumes were at 1.1% and 0.5%, respectively. NOK liquidity is sufficient, especially during European trading hours.

Norway's central bank, Norges Bank, operates independently and pursues a policy of maintaining price stability. Traders focusing on NOK should pay attention to guidance from the governor and other central bank officials, as Norges Bank's policies may diverge from those of the European Central Bank (ECB).

Due to Norway's significant oil reserves, NOK tends to behave as a petro-currency, strengthening when oil prices rise and vice versa. Since Norway is not an EU member, it is unlikely to adopt the euro in the foreseeable future.

3. Danish Krone (DKK)

The Danish Krone, referred to as "Copey," is associated with the capital, Copenhagen. Unlike Sweden and Norway, Denmark opted for a cooperative exchange rate agreement with Eurozone members, pegging the DKK to the euro at a fixed exchange rate with a narrow band.

Trading in USD/DKK and EUR/DKK generally follows the inverse movements of EUR/USD, as the USD pairs are quoted with respect to cross trading. The peg arrangement makes trading DKK less attractive, as EUR/USD offers better liquidity and EUR/DKK remains relatively stable.

In summary, trading the Scandinavian currencies involves closely monitoring economic data, central bank policies, and currency value discussions. While the trading volumes in SEK, NOK, and DKK might be lighter compared to major pairs, the unique dynamics and interactions with other currencies can present profitable opportunities for savvy traders.