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EUR/SEK poised to decline further – Danske Bank

FXStreet (Edinburgh) - Stefan Mellin, Senior Analyst at Danske Bank, believes the next movement in EUR/SEK will point south.

Key Quotes

“The SEK has underperformed versus all G10 currencies over the past year”.

“Given that no other G10 central bank has cut rates as aggressively as the Riksbank, one might conclude that it has been a reasonable depreciation of the krona”.

“The fact that the krona is now undervalued will make the Swedish export sector more competitive and help fuel inflation”.

“We think that USD/SEK will continue to go higher based on relative cyclical arguments and for the same reason we see lower levels in EUR/SEK in the year ahead”.

“The SEK may trade with a risk premium in the next couple of weeks following the election but, in our view, the next big leg in EUR/SEK is lower”.

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