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Forex Flash: NOK/SEK could find downside pressure this week – Danske Bank

The pair is retracing earlier gains after posting fresh monthly highs in the proximities of 1.1660 ahead of the Riksbank monetary policy meeting due on February 13. Market consensus still remain pretty divided regarding a rate cut, as late improvement in Swedish data out of the retail sales and manufacturing and services PMI would add further pressure to the Nordic central bank.

“We remain hesitant and still believe that a cut in April is more plausible as the Swedish economy in line with the global economy seems to be stabilising. If we are correct that the Riksbank will keep rates unchanged, NOK/SEK should see some downside potential this week”, explained Senior Analyst C.Tuxen at Danske Bank.

WTI trading at $95.43/bbl

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The near-term crude weakness persists, as the price, unable to scale the strong 97.00 barrier (also 61.8% of 98.22/95.02 downleg), approached the key near-term support at 95.00. With near-term studies in the negative territory and price below 20/55-day EMA, the downside remains favored.”
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Forex Flash: EUR/USD slated to rise on bearish USD – Goldman Sachs

According to the Economics Research Team at Goldman Sachs, “Our long-term views on the EUR/USD are driven by our structural bearish stance on the USD. The weak balance of payments of the US vs. the stronger BBoP trend for the Euro area still implies a weak USD and a stronger EUR.”
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