The Scandis surged on Wednesday. After........>

FOREX: The Scandis surged on Wednesday. After being one of the poorest

performers of the year, SEK stood out, rallying against all other G10 FX as

inline Swedish inflation numbers further dented the market's net short position.

NOK was lifted in tandem, further buoyed by today's oil rally as WTI added ~3%

on the greater risk of oil supply interruptions after Trump withdrew from the

Iran nuclear deal late Tuesday. USDNOK pulled back from the multi-month highs.

- JPY sat at the bottom of the pile after a wave of USDJPY demand around the

Tokyo fix, USDJPY last 109.75. EUR & USD were better sold as the spectre of a

populist government in Italy weighed on the single currency & as US PPI erred on

the low side.

- NZD has come under pressure in early Asia dealing after the RBNZ stood pat &

noted that the next move in the OCR may be up or down. Focus in the Asia-Pacific

session falls on the BoJ's Summary of Opinions from its April MonPol decision,

while NZ New FinMin Robertson gives his pre-Budget speech. Focus then turns to

the BoE decision/QIR & US CPI figures. MYR is likely to garner attention after

the opposition was victorious in the Malaysian general election.