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USDCAD TECHS

Needle Still Points South

US TSYS

Yields Bounce as Equities Make New Monthly Highs

AUDUSD TECHS

Heading North

EURJPY TECHS

Bull Rally Accelerates

COLOMBIA

Economists Survey Raises 2021 CPI Forecast To 4.9%

EURO-SEK
EURO-SEK: ### POV: SEK'S RECENT RECOVERY IS A HEADFAKE, NO MEANINGFUL CORRECTION
ANYTIME SOON
-EUR/SEK's pullback from the SEK10.25 area (the weakest SEK's traded since 2010)
has lifted hopes of a meaningful recovery. But, these hopes are unfounded as
markets buy SEK ahead of dividend season which, historically, is followed by a
weaker SEK.
-As many as 150 Swedish firms pay dividends from end-March to May during which
EUR/SEK tends to rise. Of the past five years, EUR/SEK has risen in every April
and May month except two, meaning SEK has weakened across 80% of all
dividend-paying months.
-The most profitable strategies for EUR/SEK over the past year still suggest
EUR/SEK is a buy (4 of the top 5 strategies have buy EUR/SEK positions, number
one being the weighted MA strategy).
-RISK: A sharp correction in CPI could prompt a faster end to easy Riksbank
policy. Inflation is currently alongside expectations, but an improvement beyond
2.0% Y/Y CPI could be the catalyst for a protracted SEK recovery.