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Recent Gains Considered Corrective


Trend Needle Points North Despite Recent Pullback


Trend Needle Points North Despite Recent Pullback


Late SOFR/Treasury Option Roundup

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Nordea recommends a short AUD/SEK position,...>

FOREX: Nordea recommends a short AUD/SEK position, targeting SEK6.0500, with a
focus on the AU housing market. Nordea write that "the Australian housing market
continues to struggle and on the current weekly auction clearance rate, it would
not be surprising to see monthly price decreases of 1.0-1.5% in the coming
months. Still mkt remains reluctant to price in risk of a rate cut from the
RBA." On the SEK side Nordea point to declining excess liquidity in Sweden
(centring on a bond maturity on March 12 and the subsequent Riksbank balance
sheet reduction), and their view that STIBOR will likely rise on the back of the
U.S. debt ceiling story.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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