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Rate Hikes Not Supporting FX

SCANDIS

Both Scandi currencies have failed to find support in spite of rate rises this morning.-

  • EURSEK sits ~0.5% higher on the day, with markets seemingly unconvinced by the Riksbank shift to data dependency with only minor upward revisions to the rate path.
  • EURNOK is slightly up on the day, with Brent's recent bounce not providing a tailwind for the Norwegian currency. As a reminder, the Norges Bank accompanied today's hike with guidance to raise rates again in December (implying a skip at the November meeting).
  • Both EURSEK and EURNOK dipped after the respective Central Bank decisions, but quickly unwound gains to return to recent ranges where they still remain.
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