In the run up to the Independence Day holiday in the US, FX trading is likely to become increasingly choppy and listless. One bright spot though could be the Swedish Krona, which is on the cusp of delivering a series of major bullish signals. Yesterday, EUR/SEK posted a new low for the year. Further strength, ie, EUR/SEK closing below its 2011 low at 8.7010 and NOK/SEK concurrently closing below 1.1575 would set up significant SEK gains over the rest of the year.
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Barclays Capital