European Equity Uptick Lends Support To Scandis; Riksbank Minutes Eyed Tomorrow

This afternoon's uptick in European equities lends support to the risk-sensitive Scandis, with SEK and NOK trading a touch stronger versus the G10 overall.

• EURSEK trades comfortably within yesterday's range. The 50-day EMA at 11.3289 provides the first support, while clustered resistance can be seen at 11.4070 (100-day EMA), 11.4266 (Jan 19 high) and 11.4343 (200-day EMA).
• Tomorrow's Riksbank's Jan minutes at 0830GMT/0930CET are the week's highlight in Sweden. We will be focused on the extent to which the dovish tilt in the guidance (r.e. opening the door to rate cuts in H1 2024) was a view shared amongst the Board, as well as further context surrounding the decision to accelerate the pace of QT to SEK6.5bln/month from SEK5bln prior. Governor Thedéen also speaks at the Estonian Central Bank at 0930GMT/1030CET.
• After reaching a YTD high yesterday (11.5004), EURNOK has fallen -0.4% at typing at 11.4376. The 50- and 200-day EMAs (at 11.4358 and 11.4264) are the main supports at this stage. We get industrial production data for December tomorrow, but January CPI on Friday remains the main risk event in Norway this week.