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NOKSEK Trades At Lowest Levels Of The Month

SCANDIS

NOKSEK trades at its lowest level of the month, currently 0.4% lower at 0.9750. A clear break of the Feb 29 low at 0.9733 would open up 0.9714 (61.8% retracement of the Dec 13 - Jan 29 rally).

  • Little in in the way of clear drivers to note for the latest leg lower: Markets looked through headlines from the Riksbank's Finance Committee hearing, with the key messages broadly consistent with recent communications.
  • The domestic equity market is likely lending support to the SEK, with the OMX Index at all-time highs and almost 1% higher today. European equities are also a touch firmer, but still below last Friday's peak.
  • Swedish February CPI and the Norges Bank's Regional Network Survey (both Thursday) are the next main domestic risk events for the cross, with cross-market impetus likely to drive price action until then.
  • US CPI remains the intraday focus for risk sensitive currencies.
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