Eurozone worries continues with Spain/Germany 10y spread breaking wider (also 10y Spanish Bono’s on the verge of exiting a triangle for higher yield). EUR/USD ended its upward correction with a key day reversal => next important target area = 1.3450/3600. Increasing risk aversion makes AUDJPY risking a 55d ma band break lower, S&P 500 close to creating a first bearish down sequence, $/EM should be on the rise with USDZAR & in particular USDTRY looking bid. EUR/Scandies neutral but USD/Scand higher. Bond yields drifting lower and Oil stuck in the middle of the May range.
Tech Team
Skandinaviska Enskilda Banken AB