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Underperform The G10 Ahead Of US CPI

SCANDIS

Lower-than-expected Swedish CPI alongside the outperforming EUR continues to provide a tailwind to EURSEK, which hovers around the 100-day EMA at 11.6772. The cross is now up 0.5% today after initially seeing a muted reaction to the inflation release.

  • A close at current levels would mark just the second rise in EURSEK for 11 sessions, and may cement the 11.60 level as a short-term support.
  • EURNOK similarly sits around 0.7% higher on the day but remains below levels seen before last Friday's higher-than-expected CPI. The slight downtick in Brent futures is also potentially weighing on the NOK, while moving average studies remain in a bull-mode setup.
  • With a limited local docket for the remainder of today, all eyes are on the US CPI report and the potential for cross-currency spillovers into the high-beta Scandis.
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