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Finds Support As USD Comes Off Highs

SEK

SEK found some support as risk sentiment bottomed out as dollar-buying and core FI-selling lost momentum.

  • USDSEK is now around 0.4% off intraday highs, falling back into ranges seen over the past five trading days.
  • EURSEK trades around 0.2% off today's peak while NOKSEK is at the day's lows below parity. NOK remains somewhat weaker vs the G10 with Brent 1.3% lower today.
  • Riksbank First Dep. Governor Breman is currently speaking at a regional "Tourism Day", with a summary of remarks posted at 1200 BST.
  • She notes that stronger than expected demand has supported the tourism/services sector and that the Riksbank will be following companies pricing behaviour after responsible and "moderate wage increases" in latest agreements.
  • Otherwise, there were familiar messages: underlying inflation is too high, the policy rate may need to be raised further, the Riksbank is interested in where consumer's savings buffers stand and their propensity to consume services.
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