Lower On Day But Riksbank Speak Eyed

Scandis are a touch lower against the EUR this morning, with Riksbank-speak the highlight in the local docket today.

• EURSEK has been rangebound between 11.4762/11.6633 since September 29, with GDP/CPI data last week and regular Riksbank-speak not providing the pair any sustained moves in either direction. The 200-day EMA at 11.4938 should provide the key downside support, while the 100-day EMA at 11.6587 is eyed on the upside.
• EURNOK sits just above the 11.60 handle that has provided resistance since mid-August, as oil prices remain below highs seen in September.
• Earlier today, Riksbank Governor Thedéen spoke to Handelsbanken on the economic situation/monetary policy. Most of the discussion revolved around familiar topics, but Thedéen noted once more that rapid rate cuts should not be expected next year.
• Thedéen also said that the Riksbank does not have a level of the SEK in mind to stop currency hedging, and that the measure is something that could be used for some time.
• Later, Deputy Governor Flodén also speaks on the economic situation/monetary policy at 0930 BST and 1200 BST. In yesterday's hearing in front of the Finance Committee, he noted that the 50bp rate hike in April which he voted against was correct in hindsight, owing to a stronger than expected Swedish economy.