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EUR/SEK points to rangebound near term – Danske Bank

FXStreet (Edinburgh) - Senior Analyst at Danske Bank Stefan Mellin expects the cross to remain in a consolidative pattern between 9.30 and 9.60 in the near/medium term.

Key Quotes

“The Riksbank is likely to maintain the currency as a more or less explicit intermediate target”.

“December heralds several central bank events that will be important for EUR/SEK”.

“First out is the ECB (3 Dec), where the knee-jerk reaction may be to send the pair lower. However, the focus will soon shift to the Riksbank (15 Dec)”.

“In expectation of a soft response (we look for another repo rate cut) EUR/SEK is likely to edge higher. On balance we continue to see 9.30-9.60 as a fair range and keep our 1-3M target at 9.40 intact”.

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