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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RIKSBANK
The Riksbank stepped up its EUR sales in its 5th week of FX hedging (for the w/c 23/10 - 27/10) to EUR114mln vs EUR20mln prior, most of which was conducted through membership payments to the EU.
- Data released by the Riksbank shows SEK1,100mln of payments were made to the EU in the latest week of hedging, bringing the total over the five weeks to SEK2,200mln.
- USD sales fell broadly in line with last week's figures. The average USDSEK rate in the fifth week of hedging was 11.1107 vs 10.9580 in the 4th week and 11.0346 in the 2nd week (where a bumper USD950mln was sold). This indicates that the Riksbank may not being as discretionary with its USD sales (i.e. sensitive to the exchange rate at the time) as previously thought.
- Overall, USD sales continue at a pace that suggests the Riksbank will finish hedging over 4-months, while total EUR sales still lag somewhat.
- EURSEK and USDSEK fell slightly following the release but remain little changed on the day.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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