SEK shorts squeezed as Riksbank minutes.......>

FOREX: SEK shorts squeezed as Riksbank minutes surprisingly upbeat

-The Swedish currency sits at the top of the G10 table today following a

somewhat upbeat set of Riksbank minutes, with a number of Riksbank members

retaining their expectation that the SEK will rise, and the weaker FX rate will

stimulate domestic price pressures.

-NZD is not faring so well, falling against all other majors as the combative

rhetoric between the US and China cemented the bleak outlook for global trade

and as NZ services PMI slowed slowed to 53.2 from a downwardly revised 54.8.

AUD/NZD eyes a close above the 50-dma of N$1.0945 for the next leg higher.

-USD, EUR, JPY and GBP trade relatively directionlessly with markets turning to

the US for inspiration. GBP trades unperturbed by a pickup in Brexit headlines

over the weekend (with ex-Foreign Sec Johnson escalating his argument against

the government's Chequers Brexit plan).

-Eurozone CPI due at 0900GMT provides the next impetus for price action, but is

expected unrevised, followed by US Empire Manufacturing at 1230GMT.