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SCANDIS: 50-day EMA Back In View For NOKSEK Bulls

SCANDIS
CEEMEABulletSwedenNorwayGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

NOKSEK has rallied 0.6% today, bringing the key 50-day EMA back into view. A clear breach of this level (0.9699) is required to ease bearish technical conditions in the cross, not least after topside momentum faltered around the average last week.

  • Brent crude rallied on reports that Iran is preparing an imminent ballistic missile attack on Israel, supporting the NOKSEK cross.
  • The pullback in global equity prices has nonetheless led to mixed NOK performance versus the broader G10 basket.
  • The remainder of this week’s Scandinavian calendar is relatively light, leaving focus on broader swings in risk sentiment for both NOK and SEK.
  • We don’t think today’s Riksbank minutes were as dovish as some analysts argue. See our earlier posts for more (here and here).
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NOKSEK has rallied 0.6% today, bringing the key 50-day EMA back into view. A clear breach of this level (0.9699) is required to ease bearish technical conditions in the cross, not least after topside momentum faltered around the average last week.

  • Brent crude rallied on reports that Iran is preparing an imminent ballistic missile attack on Israel, supporting the NOKSEK cross.
  • The pullback in global equity prices has nonetheless led to mixed NOK performance versus the broader G10 basket.
  • The remainder of this week’s Scandinavian calendar is relatively light, leaving focus on broader swings in risk sentiment for both NOK and SEK.
  • We don’t think today’s Riksbank minutes were as dovish as some analysts argue. See our earlier posts for more (here and here).