Free Trial

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.

To read the full story

Close

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.