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Underperforms G10; Bunge Speaks Tomorrow

SEK
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The SEK has weakened through the morning and underperforms the G10, with EURSEK up 0.5% at typing and trading at its highest level since Feb 19.

  • There has been little in the way of notable headline flow driving the move.
  • The 50-day EMA at 11.2723 is the first resistance, while 11.1385 (Feb 22 low) should provide support in the near-term.
  • Moving average studies nevertheless remain in a bear-mode setup.
  • Markets have looked through news that the Government announced SEK6bln in funding for regional authorities "to avoid layoffs of health care workers" as the Debt Office's latest borrowing forecasts already incorporate higher public spending (alongside the Riksbank's capital injection).
  • Today's domestic calendar is limited, while tomorrow sees comments from the Riksbank's Bunge at 0700GMT/0800CET.
  • We have not heard from Bunge since the last monetary policy meeting minutes were released on Feb 7.
  • The February services PMI is also released tomorrow at 0730GMT/0830CET.
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The SEK has weakened through the morning and underperforms the G10, with EURSEK up 0.5% at typing and trading at its highest level since Feb 19.

  • There has been little in the way of notable headline flow driving the move.
  • The 50-day EMA at 11.2723 is the first resistance, while 11.1385 (Feb 22 low) should provide support in the near-term.
  • Moving average studies nevertheless remain in a bear-mode setup.
  • Markets have looked through news that the Government announced SEK6bln in funding for regional authorities "to avoid layoffs of health care workers" as the Debt Office's latest borrowing forecasts already incorporate higher public spending (alongside the Riksbank's capital injection).
  • Today's domestic calendar is limited, while tomorrow sees comments from the Riksbank's Bunge at 0700GMT/0800CET.
  • We have not heard from Bunge since the last monetary policy meeting minutes were released on Feb 7.
  • The February services PMI is also released tomorrow at 0730GMT/0830CET.