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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RIKSBANK
The Riksbank reduced the amount of USD sales to $110mln in its 13th week of FX hedging (w/c 18 Dec). We do not read into this too much - it is likely a function of lower liquidity towards the end of 2023. We do not expect the Riksbank to have conducted any USD or EUR sales in the period between Christmas and New Year (for which data will be released next Friday).
- The pace of USD sales is likely to return to the pace that it has previously tracked from this week (data to be released on 19 Jan), implying that the hedging of $8bln will be completed in 4-months from 25 Sep.
- EUR sales picked up again to EUR310mln (vs EUR200mln prior). Data released by the Riksbank suggests these sales were conducted via EU membership payments (as has usually been the case).
- Little reaction from SEK following the release, through EURSEK and USDSEK have moved off intraday highs in the last 45 mins or so.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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