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SEK Middle Of The Pack, NOK Outperforming

SCANDIS

Following two days of notable outperformance of the SEK vs. G10 peers:

  • The usual profit-taking discussions are evident (EURSEK is >3% off of all-time highs), while cross-market leads are mixed, failing to provide clear directional input.
  • The Economic Tendency Survey this morning continued to flag economic weakness but did not prompt a market move.
  • Flow-specific matters may also be playing a part. SEB noted this morning that portfolio managers may need to buy USD/SEK for monthly rebalancing needs.

Elsewhere, NOK outperforms the G10 on the back of a strong Brent price.

  • EURNOK is ~0.9% lower, breaching the 11.40-11.60 range that has contained the pair since mid-August. The 200-day EMA at 11.2735 provides the next key support.
  • The NOK bid also allows NOKSEK to retrace yesterday's downtick, with the cross rising by ~0.8% today.
Tomorrow's Scandi docket features Norwegian retail sales, though Eurozone September flash inflation will be the key area of interest.
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