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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SEK
The SEK remains the G10 outperformer, defying weakness seen elsewhere amid broad USD strength.
- As mentioned earlier, drivers for the SEK strength are the SBB cash injection from the weekend and the beginning of Riksbank FX hedging today.
- FX hedging is not expected to directly support the SEK given the low transaction sizes, but adds credibility to the Riksbank's view that the currency is undervalued and should appreciate.
- EURSEK trades ~1.2% lower on the day and sits just above the 100-day EMA (at 11.6905), which may provide some support.
- A breach of the 100-day EMA will open up 11.6206 - a trendline drawn from the 11 Nov 2022 low.
- NOKSEK similarly is ~1.1% lower on the day, and sits just above the 100-day EMA at 1.0221, with the 200-day EMA the next support at 1.0197.
- USDSEK is up ~0.6% on the day.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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