Forex - EUR/SEK, EUR/NOK Flows: SEK hit hard by soft CPI


 08:48 (GMT) 14 Nov

  [Forex Flows]

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EUR/SEK, EUR/NOK Flows: SEK hit hard by soft CPI (0100-VGFD-C01)

Swedish inflation data is well below expectation and the Riksbank will doubtless be pleased to see EUR/SEK jump straight onto a 9.86 handle in reaction, a level not seen since this time last year. It's another blow for SEK longs who have long been making the argument that fundamentals suggest it is undervalued, while we also note EUR/NOK is not far behind despite a slightly better than expected Norwegian GDP release this morning. We suspect the latter is likely to come back down more quickly.


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