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SEK: SEK Weakness Narrows Gap To 0.9500 In NOKSEK

SEK
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The November 2020 low at 0.9274 capped downside in NOKSEK last week, before the stronger-than-expected Norwegian CPI report drove a 1.25% rally in the cross on Monday. Today’s 0.7% increase in NOKSEK has been led by the SEK leg, with USDSEK and EURSEK also extending higher at typing.

  • This helps narrow the gap to 0.9500, previously a key multi-year support which was breached on March 3. This level coincides closely with the 20-day EMA at 0.9496, clearance of which will be required to signal a reversal to the upside. Shallower rallies will be considered corrective in nature.
  • We haven’t seen an obvious fundamental driver for today’s krona weakness. European equities are up 1.5% at typing (with the OMX30 also up 0.6%), and while this morning’s unemployment claims rate data suggest labour market conditions remain soft, it didn’t point to an accelerating pace of deterioration.
  • Given the extent of SEK strength since the start of February, participants may be happy to take krona risk off the table ahead of today’s US CPI data, and next week’s Riksbank decision. 
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The November 2020 low at 0.9274 capped downside in NOKSEK last week, before the stronger-than-expected Norwegian CPI report drove a 1.25% rally in the cross on Monday. Today’s 0.7% increase in NOKSEK has been led by the SEK leg, with USDSEK and EURSEK also extending higher at typing.

  • This helps narrow the gap to 0.9500, previously a key multi-year support which was breached on March 3. This level coincides closely with the 20-day EMA at 0.9496, clearance of which will be required to signal a reversal to the upside. Shallower rallies will be considered corrective in nature.
  • We haven’t seen an obvious fundamental driver for today’s krona weakness. European equities are up 1.5% at typing (with the OMX30 also up 0.6%), and while this morning’s unemployment claims rate data suggest labour market conditions remain soft, it didn’t point to an accelerating pace of deterioration.
  • Given the extent of SEK strength since the start of February, participants may be happy to take krona risk off the table ahead of today’s US CPI data, and next week’s Riksbank decision.