FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SCANDIS: NOKSEK Eyes A Close Above Key 50-day EMA

SCANDIS
CEEMEABulletSwedenNorwayGlobalForeign Exchange BulletsRegionMarkets

NOKSEK (+0.3%) trades just above the 50-day EMA, an average the cross has not closed above since July 9. Therefore, a close above today would be a bullish technical development and signal scope for a stronger recovery towards 0.9842, the Aug 16 high.

  • Wednesday’s Riksbank decision headlines this week’s Scandinavian calendar, and a 25bp rate cut is unanimously expected. Our preview is here.
  • Although we don’t expect the Riksbank to cut rates as aggressively as implied by market pricing in 2025, there is still scope for further dovish repricing – and associated SEK weakness – if the Riksbank opens the door to 50bp cuts at its November or December meetings in its guidance/updated rate path.
  • However, should the guidance disappoint doves and cement a 25bp cutting pace as the Executive Board’s base case, it may undermine the recent recovery in NOKSEK. 
139 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.

NOKSEK (+0.3%) trades just above the 50-day EMA, an average the cross has not closed above since July 9. Therefore, a close above today would be a bullish technical development and signal scope for a stronger recovery towards 0.9842, the Aug 16 high.

  • Wednesday’s Riksbank decision headlines this week’s Scandinavian calendar, and a 25bp rate cut is unanimously expected. Our preview is here.
  • Although we don’t expect the Riksbank to cut rates as aggressively as implied by market pricing in 2025, there is still scope for further dovish repricing – and associated SEK weakness – if the Riksbank opens the door to 50bp cuts at its November or December meetings in its guidance/updated rate path.
  • However, should the guidance disappoint doves and cement a 25bp cutting pace as the Executive Board’s base case, it may undermine the recent recovery in NOKSEK.