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Stronger Following USD Pullback

SCANDIS

With the Dollar index now below levels seen pre-NFP, Scandis also have recovered.

  • SEK trades ~0.2% and ~0.6% stronger against the EUR and USD respectively, while NOK is ~0.1% up on the EUR and ~0.5% up on the USD..
  • SEK has outperformed NOK through the week on the back of a weaker oil prices, and trades in a region with few technical guides. The June 23 low at 0.9834 is the next clear downside level eyed.
  • Next week sees important data in both countries. In Norway, we have GDP, CPI and house prices. Only large downside surprises in these prints should tempt the Norges Bank off their pre-guided path of an additional hike in December.
  • In Sweden, we have GDP, CPI and inflation expectations - all of which will be important given the Riksbank's firmly data-dependent stance as of September.
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