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SEK: EURSEK Briefly Pierces October 1 Low

SEK
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EURSEK briefly pierced the Oct 1 low at 11.3024 before returning back to this month’s relatively tight range. A clear breach of this level would expose the Sep 27 low at 11.2450.  

  • The krona has shown impressive resilience through the day, even amidst the latest ASML-driven pullback in European equities. EURSEK and USDSEK are currently 0.5% lower today.
  • Today’s Riksbank Parliamentary hearing didn’t appear to offer much new compared to the guidance at the September decision. Governor Thedeen was careful not to comment on the likelihood of a 50bp cut in November.
  • However, he also pushed back on questions suggesting the Riksbank was not easing policy fast enough, noting rates have still been cut quickly relative to other western economies.
  • Meanwhile, unemployment claims data this morning was quite weak, keeping focus on Friday’s labour force survey.
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EURSEK briefly pierced the Oct 1 low at 11.3024 before returning back to this month’s relatively tight range. A clear breach of this level would expose the Sep 27 low at 11.2450.  

  • The krona has shown impressive resilience through the day, even amidst the latest ASML-driven pullback in European equities. EURSEK and USDSEK are currently 0.5% lower today.
  • Today’s Riksbank Parliamentary hearing didn’t appear to offer much new compared to the guidance at the September decision. Governor Thedeen was careful not to comment on the likelihood of a 50bp cut in November.
  • However, he also pushed back on questions suggesting the Riksbank was not easing policy fast enough, noting rates have still been cut quickly relative to other western economies.
  • Meanwhile, unemployment claims data this morning was quite weak, keeping focus on Friday’s labour force survey.