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Brent Gains Continue To Support NOK

SCANDIS

NOK remains the G10 outperformer as Brent trades over 4% higher on the day, while the uncertain geopolitical backdrop drags SEK, which is the G10 underperformer alongside the EUR. NOKSEK is ~1.0% higher at typing while EURSEK is broadly unchanged.

  • After finding support at parity last week, NOKSEK eyes the 200-day EMA at 1.0200 as the next key level. Above this, the 50-day EMA at 1.0247 is the bull trigger.
  • This week is a busy data week in the Scandis, with GDP and CPI prints in both countries. The Riksbank is also expected to announce information on the volume of FX sales made in the last fortnight as part of its hedging programme - a release date is not confirmed.
  • For a summary of sell-side expectations ahead of Norwegian CPI tomorrow, see this link
  • However, geopolitical developments from Israel and their impacts on markets globally will likely set the trend for NOK and SEK this week, with some volatility to be expected around local risk events.
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