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EUR/SEK potential decline to 8.80 in 12m – Danske Bank

FXStreet (Edinburgh) - Flemming Nielsen, Senior Analyst at Danske Bank, expects the scandi cross to head towards 8.80 in a 12-month view.

Key Quotes

“In the Scandi FX market, this week so far has delivered quite solid Swedish data in terms of better retail sales, better PMI and today, we believe, there is room for a rebound in industrial production and orders, which might support the SEK even further towards the end of the week”.

“However, we think the market will pause before 9.00 in EUR/SEK is breached”.

“On the medium-term horizon we continue to see downside potential in EUR/SEK based on relative monetary policy, growth divergence and valuation and we still target 9.10 in 1-3M and 8.80 in 12M”.

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