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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.
SCANDIS
As noted above, risk-on moves in US equities are helping keep Scandi FX underpinned, with firmer Brent prices (which have pushed through yesterday's high) providing additional support to the NOK.
- NOKSEK has risen around 0.4% in the last 120 minutes or so, to make another test of the psychological resistance at parity that has contained the cross in recent weeks.
- EURNOK now approaches the 50-day EMA at 11.4660, with the 100-day EMA at 11.5098 seen further out. EURSEK similarly approaches clustered resistance around the 100/200-day EMAs (at 11.4268 and 11.4475 respectively).
- The Riksbank announced that it sold $70mln and E350mln in its 15th week of FX hedging. The latter was due to EU membership payments as is standard (SEB noted this week that these payments are usually larger in Jan/Feb).
- While a slowing of USD sales has been seen recently (primarily due to holiday/start of year liquidity), the pace will likely pick up in the coming weeks, with current tracking suggesting USD sales will be completed in early February.
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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