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SCANDIS: USD Strength Weighs On Scandis, NOK CPI Due Tomorrow

SCANDIS

US dollar strength has weighed on Scandi currencies this morning, even as European equities move away from overnight lows. USDNOK approaches 1% higher today, with bulls eyeing the 61.8% retracement of the Jul 25 – Aug 28 sell-off at 10.8750. 

  • USDSEK meanwhile has pushed through the 20-day EMA at 10.3200, with the 50-day EMA at 10.4334 seen next. Today’s move extends the rally away from pivot support around 10.1500, which began at the end of August.
  • NOKSEK is at Friday’s low of 0.9593, keeping focus on multi-year pivot support at 0.9500.
  • Norwegian August CPI is due tomorrow, and we think risks to the 3.2% Y/Y CPI-ATE consensus are skewed to the downside. We will return later today with a more detailed preview.
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