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NOKSEK Legs Higher To Test Friday's High

SCANDIS

NOKSEK has taken a leg higher in recent trade, currently up 0.6% and showing above the Friday high at 0.9808 in the process.

  • A clear break to the upside would open up the 50-day EMA at 0.9848.
  • The latest move appears SEK-led, though NOK has steadily strengthened through the day with Brent crude prices up almost 1%.
  • This morning's Norwegian monthly January GDP reading was not a market mover, though the above consensus print strengthened the case for the Norges Bank's Q1 GDP forecast to be revised higher at Thursday's meeting from -0.3% Q/Q currently.
  • Our full Norges Bank preview will be released in due course.

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