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Flash: Looking at a long EUR/SEK position - RBS

FXstreet.com (Barcelona) - With EUR/SEK slightly up on the week at 8.5916 but just off Tuesday´s weekly high at 8.6570, the highest since early February, RBS Strategist Greg Gibbs can see a potential trade opportunity.

He writes, “It’s not in my normal comfort zone, but a trade I am looking at is long EUR/SEK,” He favours this view as part of a persistent move towards a decrease in fear surrounding the EUR crisis. Further, he feels that part of the reason for a weaker AUD of late has been less safe haven demand, and the same applies for SEK. Gibbs finishes by expanding, commenting that, “Recent indicators in SEK also suggest its economy under-performing,”

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Richard Yetsenga, Head of Global Markets Research at ANZ, believes that it is easy to associate strong recent global currency moves with expectations of future Fed activity.
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In yesterday’s European session we saw Sterling bounce from 1.5200 support and climb to a high of 1.5320 on poor US data in an oversubscribed and very long USD market place.
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