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EURSEK At Highest Since Nov ’23 As Risk Backdrop Weighs

SCANDIS
  • How recent SEK weakness should be judged against the lower-than-expected March inflation will be the key focus when assessing comments from Riksbank speakers tomorrow and Thursday.
  • The Riksbank’s real effective exchange rate index (KIX) is over 5% higher since the turn of the year (indicating a weaker SEK) and 1.5% higher since the Riksbank’s March monetary policy meeting (see chart below).
  • NOK has also been pressured by oil futures’ unwind of yesterday’s rally, with EURNOK 0.5% higher today.

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