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NOK/SEK Through to New Highs as Norwegian CPI Proves Sticky

FOREX
  • Early Friday trade has been largely consolidative across G10 FX, as the USD Index trades flat and holds the entirety of the late Thursday losses. Antipodean currencies are faring less effectively, with AUD and NZD softer as they moderate a small part of the Thursday rally.
  • Meanwhile, NOK/SEK has cleared the April high, helped by the higher inflation reading in Norway this morning. April CPI came in at 0.8% M/M vs. Exp. 0.6%, with the Norges Bank's favoured inflation measure CPI-ATE slowing by just 0.1ppts to 4.4% vs. Exp. 4.2%.
  • GBP has been a currency in focus following Thursday's BoE decision. EUR/GBP has mean-reverted to the 200-dma of 0.8605, but markets remain in a short-term bullish condition and clearly sensitive to further BoE re-pricing. A handful of sell-side analysts have brought forward their call for a first BoE rate cut to June, for which a 25bps rate cut step remains only partially priced.
  • The Canadian jobs report is the data highlight Friday, with markets expecting Canada to gain 20k jobs over April, but also see a 0.1ppts tick higher in the unemployment rate to 6.2%. Central bank speak due today includes ECB's Elderson, BoE's Pill & Dhingra and Fed's Bowman, Logan, Kashkari, Goolsbee and Barr.
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