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Continues To Outperform

SEK

SEK remains the G10 outperformer on the back of a slightly lower USD, firmer European equities and somewhat stronger than expected GDP data this morning.

  • While the GDP indicator was lower on the month, positive M/M consumption and private sector production were welcomed.
  • NOKSEK is off of daily lows, but remains ~0.9% lower on the day with most gains made yesterday now erased.
  • EURSEK is only slightly lower as the EUR also benefits from the softer USD environment - the pair trades between the 200-day EMA at 11.5031 and 100-day EMA at 11.6722, as it has done for all of October.
  • Tomorrow, the Riksbank's Bunge speaks, before Thursday sees inflation expectations from Prospera. Friday is the main focus, with September CPI followed by the Riksbank's first update on the progress of its FX hedging programme.

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