MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

USDA: CORN STOCKS 12,074M BSL ON JAN 1

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SCANDIS: NOKSEK 0.8% Lower As Israeli/Hezbollah Ceasefire Reports Weigh On Oil

SCANDIS
CEEMEABulletSwedenNorwayMarketsForeign Exchange Bullets

NOK has come under renewed pressures as reports of an Israeli/Hezbollah ceasefire deal drags crude prices lower. 

  • NOKSEK is now 0.8% lower today at ~0.9900, after failing to breach parity last week. The latest pullback is considered corrective, and has allowed an overbought condition to unwind. Key support is the 20-day EMA at 0.9851.
  • Although a less stretched technical set-up may provide better conditions for another test of parity in the medium-term, oil price movements will likely be a key source of volatility in the short-term.
  • This week’s Scandinavian calendar is headlined by Swedish data/speakers. We are most interested in the November Economic Tendency Indicator (Thursday) and Q3 GDP (Friday). The (often unreliable) flash GDP release was weaker-than-expected at -0.1% Q/Q, but SEB and Danske Bank expect an upward revision. If this materializes, it may provide an additional headwind to NOKSEK.
  • Meanwhile, Riksbank Deputy Governor Seim will deliver a speech on the neutral rate tomorrow at 0730GMT/0830CET. The September MPR provided an initial estimate of neutral of around 2.25%, but we have been promised a more comprehensive analysis in the December MPR. Seim’s speech should update markets on the Riksbank’s current thinking. 
189 words

To read the full story

Close

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.

NOK has come under renewed pressures as reports of an Israeli/Hezbollah ceasefire deal drags crude prices lower. 

  • NOKSEK is now 0.8% lower today at ~0.9900, after failing to breach parity last week. The latest pullback is considered corrective, and has allowed an overbought condition to unwind. Key support is the 20-day EMA at 0.9851.
  • Although a less stretched technical set-up may provide better conditions for another test of parity in the medium-term, oil price movements will likely be a key source of volatility in the short-term.
  • This week’s Scandinavian calendar is headlined by Swedish data/speakers. We are most interested in the November Economic Tendency Indicator (Thursday) and Q3 GDP (Friday). The (often unreliable) flash GDP release was weaker-than-expected at -0.1% Q/Q, but SEB and Danske Bank expect an upward revision. If this materializes, it may provide an additional headwind to NOKSEK.
  • Meanwhile, Riksbank Deputy Governor Seim will deliver a speech on the neutral rate tomorrow at 0730GMT/0830CET. The September MPR provided an initial estimate of neutral of around 2.25%, but we have been promised a more comprehensive analysis in the December MPR. Seim’s speech should update markets on the Riksbank’s current thinking.