EURUSD is still in its correctional drift higher, but it is likely to end soon with Spanish 10y yield (& spread to Germany) fast rising/widening… This is also good news for Bunds, soon breaking the recent 145.97 high… Cash bond yield likely to approach 1.10%-1.00% before long… Commodities are zooming away with grains & softs together with oil is lifting Commodity FXers… Brent Crude fast approches a +$110 target and this boosts the loonie which exposes key support at 1.0053 (over 1.0250 is needed to resume the backdrop uptrend)… The eiro also remains on a loosing streak against non-euro Europeans, such as SEK, NOK & GBP… All three crosses are expected to trace out additional losses ahead of the weekend… EUR/SEK faces strong overhead resistance and could test the recent 8.4785 low again… EUR/NOK should extend recent losses towards 7.40. Resistance just above 7.4515… NOK/SEK rise is likely correctional, at least as long as holding south of 1.1485… Interesting topside rejection in the NOK index yesterday should also be monitored closely… S&P500 may or may not have added a lasting monthly high, in any case a downside watch at 1364 is needed because below would open up for 1353 (&1340)…
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SEB tech team