TD write that with G10FX very much a "race to...>

SEK: TD write that with G10FX very much a "race to the bottom now, a more dovish

Riksbank should keep the SEK on its back foot. That said, we think SEK has a lot

of bad news already in the price. Even with today's policy revision, we think it

looks too weak relative to core fundamentals. This has us focused on relative

value opportunities - on both sides. With the Norges Bank set to deliver a rate

hike next week, we think NOK/SEK has scope to resume its uptrend with an eye on

a test of resistance above SEK1.11. At the same time, however, we remain short

CAD/SEK in our FX model portfolio as the CAD looks set for a period of broad and

sustained weakness."