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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.
RIKSBANK
The Riksbank sold USD360mln and EUR95mln in its 3rd week of FX hedging (W/C 9/10 - 13/10). This compares to USD950mln and EUR80mln last week. Overall, the Riksbank has now hedged around 21% and 9% of the USD8bln and EUR2bln initially announced respectively.
- The sales of USD returns to the region seen in the first week of hedging, and we note that on average USDSEK was lower between 9-13 October compared to the previous week (where almost USD1bln was sold). If a regular pace of around USD400mln per week is kept up, the Riksbank will likely finish hedging the announced USD8bln over 5-6 months.
- The pace of EUR sales increases slightly, and currently indicates that the announced EUR2bln of sales will be completed over 6 months.
- USDSEK and EURSEK held steady following the release but have since fallen off from daily highs, sitting a touch lower on the day. Markets now seemingly acknowledge that the quantity of sales by the Riksbank is not having a large impact on overall SEK turnover (as expected when the programme was originally announced).
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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