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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.
SCANDIS
Scandis continue to outperform the G10 this morning, aided by the softer USD and firmer European equities.
- NOK also appears to find support from Brent crude’s recovery, even though oil futures remain short of Wednesday’s high.
- EURNOK is down 0.4% today, at its lowest level since late March. The 200-day EMA at 11.5153 provides the first support.
- NOKSEK also finds itself at an interesting technical juncture, trading just short of the Jan 29 high at 1.0066.
- Clearance of this level would coincide with a breach of a trendline drawn from the August 2022 high, and strengthen a bullish condition.
- However, there are few notable Norwegian/Swedish data releases for the remainder of this week (Swedish PPI tomorrow is unlikely to be a market mover),
- As such, it may require an idiosyncratic catalyst, such as an extension of oil’s recovery, to provide additional upside impetus for the NOKSEK cross.
Source: Bloomberg
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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