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Weaker Against a Stronger USD

SCANDIS

Scandis start the day weaker (albeit off weakest levels at typing) as the USD and core FI yields rise during early European trade. NOK/SEK sits flat absent any domestic drivers, with a firming USD backdrop possibly a result of the Australian CPI surprise as well as Country Garden's USD bond default.

  • EURSEK is around 0.2% higher on the day and almost 3% higher than the Sep 29 low, erasing much of the progress seen during the last week of September (which coincided with the Riksbank beginning their FX hedging operations). The Sep 25 high of 11.8655 is the next upside level eyed before 11.90 and 12.00 may present psychological resistance handles.
  • EURNOK remains at the highest levels since early July and also sits 0.2% higher this morning.
  • Swedish PPI earlier remained in deflation in Y/Y terms, but import prices continue to be pushed upwards by higher energy prices and the weak krona. The Riksbank's Jansson speaks on current monetary policy at 1230BST today.
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