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SEK Surges as Riksbank Eye More Tightening

FOREX
  • Having suffered alongside the NOK YTD, SEK has sprung to the top-end of the G10 leaderboard following the Riksbank rate decision, which not only saw a 50bps rate hike, but projected further tightening in the Spring and committed to unwinding their balance sheet from April onwards. This has resulted in the largest one-day downtick for EUR/SEK since March last year, with the cross fast approaching the next medium-term support at 11.1411, the 50-dma. The NOK is the second best performer in G10 in sympathy, putting Scandi currencies above all others.
  • The greenback is backtracking, putting the USD Index off any imminent challenge of the 103.525 resistance. This puts the USD at the week's lowest levels ahead of the NY crossover, although the early Feb lows are still a way off for now.
  • The EUR is more mixed following the delayed release for German January CPI - which fell short of forecast. EUR/GBP is at the lowest level since February 1st, with EMA supports next up, 0.8846 marks the 20-day EMA, while 0.8796 marks the 50-day EMA.
  • Weekly US jobless claims are the data highlights Thursday, with the Banxico rate decision also on the docket. Speakers of not include ECB's Nagel, de Cos and de Guidnos - with no Fed members scheduled until Friday.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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