In several markets we think we see tentative signs that the correction (risk-on) is fading already, though this has yet to be confirmed to fully realign price action with underlying “risk-off” trends. EURUSD under 1.3481, GBPUSD below 1.5432 & EURJPY under 102.86 would be the confirmations we are looking for in majors… EURSEK over 9.2270 & 9.2850 is needed to get 9.37 (& 9.42\45) fully back in sight… EURNOK is almost there and above 7.85 would target 7.9040\7.9300… NOKSEK could CORRECTIVELY extend losses into the mid/low-1.16s before higher (not if quickly reclaiming 1.1755)… USDCAD above 1.0281 would confirm a correctional low in place… The downside spike in EURHUF argues for upside attention today and EURPLN shows hesitation to clear support below… Bonds could soon turn bid again and the S&P500 & Brent Crude both face strong resistance above…
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Tech team
Skandinaviska Enskilda Banken AB