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USD Extension Weighs On Risk-Sensitive NOK and SEK

SCANDIS

Scandis underperform the G10 alongside other risk sensitive FX (e.g. AUD, NZD), with the USD extending higher following yesterday's rally.

  • EURSEK, currently at 11.4196 and 0.5% higher, eyes the Jan 19 high at 11.4266, a breach of which would mark a new YTD high for the cross.
  • EURNOK, also 0.5% higher at 11.6362, has breached the top side of the bull channel drawn from the Dec 27 '23 low, with 11.6891 seen next (61.8% retracement of the Nov 8 to Dec 27 bear run) .
  • Next week is highlighted by the Riksbank, where main interest will be in whether the door to a H1 2024 rate cut is opened any wider than at the February decision, and if such a move is reflected in the updated rate path projection within the March Monetary Policy Report.
  • Our full Norges Bank review will be released later today.
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