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Strong US Retail Sales Apply Further Pressure To NOK and SEK

SCANDIS

Both EURNOK and EURSEK are off intraday highs, but still trade 0.6% and 0.5% higher respectively. The latest US retail sales print has provided further upside pressure.

  • EURNOK has breached the 200-day EMA at 11.4369, with the 50-day and 100-day EMAs the next resistances (11.4703 and 11.5136 respectively). EURSEK now eyes the 100-day EMA at 11.4289.
  • Domestic headline flow has been light today, with subdued global sentiment the main factor weighing on the risk-sensitive Scandis.
  • Brent crude is almost 2% lower today, though NOKSEK is broadly unchanged. Our commodities team have noted that economic growth concerns in China and the stronger dollar have offset supply risks from the Red Sea disruptions and Libya.
  • Tomorrow sees Riksbank Governor Thedéen speak on "A year with the new Sveriges Riksbank Act", while the Q4 Business tendency survey for manufacturing is released in Norway.
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