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SEK Outperforms NOK Post JOLTS

SCANDIS

Scandis were negatively impacted by the risk-off moves following a strong US JOLTS figure, but SEK outperforms NOK with NOKSEK trading close to daily lows.

  • The July 18 low at 1.0121 provided some support, with the pair already trading below EMAs up to 200-days.
  • Following the sharp rise in the Yen earlier (possibly due to BoJ intervention), NOKJPY approaches the 100-day EMA at 13.5761 and the lows of July 28, August 23 and September 18 (ranging between 13.5334 - 13.5762), which may both provide support.
  • The Swedish opposition parties' proposed bank tax (as part of their 2024 shadow budget) did not move SEK, but led to bank stocks selling off on the announcement.
  • Continued SEK buying from the Riksbank as part of its FX hedging may continue to be providing some residual support for the currency, aiding the outperformance vs NOK.
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