Outperforming G10 On Equity Strength

The SEK is the G10 outperformer this morning, with positive equity market risk-sentiment the key driver. While off intraday lows at typing EURSEK remains -0.3% lower on the day. EURSEK's intraday low of 11.1385 was the lowest since Jan 2 and moving average studies remain in a bear-mode setup.

• European equities have traded on the front-foot today following last night's post-NVIDIA earnings rally in US futures. NVIDIA is currently up over 14% pre-market, with S&P futures eyeing the first resistance and bull trigger at 5066.50 (Feb 12 high).
• Earlier today, the NDO announced earlier that nominal SGB issuance volumes would increase to SEK3.5bln per auction as of March and SEK4bln per auction as of August (from SEK3bln at present). The increase is in part due to a SEK40bln capital injection for the Riksbank - a risk we had flagged in a recent analysis piece on the Riksbank's recapitalisation.
• Looking ahead, the next main datapoint on the Swedish docket is February's Economic Tendency Indicator on Feb 28, with an appearance from Governor Thedéen on Feb 27 the only scheduled Riksbank appearance at present.