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SCANDIS: NOKSEK Lower For A 5th Consecutive Day

SCANDIS
BulletForeign Exchange Bullets

NOKSEK has fallen 2.4% since last Thursday, currently 0.4% lower today and on track for a fifth consecutive daily loss.

  • Today’s move comes despite the stabilisation in oil price futures after two days of heavy selling at the start of the week.
  • After breaching the trendline drawn from the December 2023 low yesterday, downside momentum has persisted, with the cross currently hovering around the May 2 low at 0.9846.
  • The 50% retracement of the December 2023 to May 2024 rally provides the next support, sitting at 0.9818.
  • SEK outperforms the G10, aided by stronger European equities (though the usually risk-sensitive NOK has seemingly failed to benefit from similar tailwinds).
  • Norway May CPI on Monday provides the next key regional input, ahead of the Norges Bank and Riksbank decisions later this month.
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NOKSEK has fallen 2.4% since last Thursday, currently 0.4% lower today and on track for a fifth consecutive daily loss.

  • Today’s move comes despite the stabilisation in oil price futures after two days of heavy selling at the start of the week.
  • After breaching the trendline drawn from the December 2023 low yesterday, downside momentum has persisted, with the cross currently hovering around the May 2 low at 0.9846.
  • The 50% retracement of the December 2023 to May 2024 rally provides the next support, sitting at 0.9818.
  • SEK outperforms the G10, aided by stronger European equities (though the usually risk-sensitive NOK has seemingly failed to benefit from similar tailwinds).
  • Norway May CPI on Monday provides the next key regional input, ahead of the Norges Bank and Riksbank decisions later this month.