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Big day for data

SCANDIS

NOK and SEK are the weakest performing currencies across G10 space this morning.

  • There has been a glut of data across the region, particularly in Sweden this morning. GDP data and unemployment data were stronger than expected while retail sales that was released simultaneously was weak (but has been largely attributed to a shift in demand from December to November). However, the deterioration in the economic tendency survey helped SEK start to weaken on the day.
  • In Norway, retail sales also disappointed with the unemployment rate a bit better than expected.
  • NOKSEK has stayed stable this morning, so when SEK started to depreciate vs EUR, so has NOK.
  • EURSEK is currently trading at a higher level than it has closed since October 2020, but at 10.5077 is still not really challenging the intraday high seen on Monday of 10.5607.
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