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Continues to Outperform G10

SEK

SEK continues to outperform the G10, benefitting from more positive sentiment conditions that have arisen from the lack of escalation in the Middle East over the weekend.

  • EURSEK has traded tightly in the last 5 days, between 11.5161/11.6124. The 200-day EMA at 11.5020 should provide the key downside support, while the 100-day EMA at 11.6636 is eyed on the upside.
  • NOK remains broadly flat on the day against the G10 and NOKSEK continues to hover above parity.
  • Tomorrow, the Riksbank has its open hearing at the Riksdag (starting at 0800 BST), which will be of interest given the higher-than-expected inflation on Friday and the Riksbank's "consultation response" to the National Debt Office currency exposure plans (i.e. selling SEK to reduce FX exposure) released a few weeks ago.
  • The hearing begins with presentations from Governor Thedéen and First Deputy Governor Breman, and all 5 members of the Executive Board will participate in the Q&A.
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