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SCANDIS: Pressured By This Morning’s Equity Selloff

SCANDIS
CEEMEASwedenBulletNorwayGlobalForeign Exchange BulletsRegion

The latest leg lower in European equity futures sees EURNOK push through the August 2023 high at 12.0062, currently +0.6% today. The cross has now rallied almost 7% off the June 21 low.

  • Key resistance lies at 12.1064, the May 2023 high (and all-time high if one excludes the covid/negative oil price-induced spike in March 2020).
  • EURSEK is similarly 5% above the June lows, with 11.7709 (April 30 high) providing key resistance.
  • A reminder that reduced summer liquidity in Scandi crosses may continue to be exacerbating intraday moves.
  • For the Riksbank, recent currency weakness alone may not be enough to dissuade the Executive Board from cutting rates on August 20.
  • However, an unexpected re-acceleration in July inflation (released August 14) will increase the appeal of a delay in further easing until the September meeting. 
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The latest leg lower in European equity futures sees EURNOK push through the August 2023 high at 12.0062, currently +0.6% today. The cross has now rallied almost 7% off the June 21 low.

  • Key resistance lies at 12.1064, the May 2023 high (and all-time high if one excludes the covid/negative oil price-induced spike in March 2020).
  • EURSEK is similarly 5% above the June lows, with 11.7709 (April 30 high) providing key resistance.
  • A reminder that reduced summer liquidity in Scandi crosses may continue to be exacerbating intraday moves.
  • For the Riksbank, recent currency weakness alone may not be enough to dissuade the Executive Board from cutting rates on August 20.
  • However, an unexpected re-acceleration in July inflation (released August 14) will increase the appeal of a delay in further easing until the September meeting.