The euro looks stretched against many of its peers and it wouldn’t be overly surprising to see it starting to give back some… EURUSD ought to at least re-check 1.3300, possibly also the high-1.31s later… EURJPY seems ever so sensitive to any disturbance now and a setback towards the high-116s looks increasingly likely… EURGBP also looks stretched, opening up for a buying opportunity in the mid/lower-0.82s… The 10y SPA/GER bond yield spread has started to widen again, making the price/momentum divergence rift to widen and this could become a burden for the euro again… EURSEK is confined to a 8.57-8.65 range and EURNOK to a 7.34-7.39 interval… USDSEK shows price/momentum divergence, making the topside softer now. Above 6.48 is thought to trigger some buy stops…GBPSEK looks short tem stretched and ought to retrace recent losses towards 10.43\45… In a broader perspective however pound weakness has taken a firmer grip over events and the BoE GBP index looks exposed for additional losses. Next key ref below to watch is located at 82.40… US & German tens look bullishly positioned so expect some upside action in both… Brent Crude ought to trade lower from here with $109.46 being a key level to watch… The S&P500 contract shows topside hesitation. Important level to watch today is located at 1441…
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SEB tech team