News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZ5LG7
  • (Weekly Fundy) Crude Oil May Rise as Covid Case Growth Slows. WTI Eyes OPEC Outlook, Evergrande #CrudeOil #WTI #OPEC #Evergrande https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/09/26/Crude-Oil-May-Rise-as-Covid-Case-Growth-Slows-WTI-Eyes-OPEC-Outlook-Evergrande.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/76e2aGf3p0
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4Cnoc1dk0 https://t.co/NhsMS1EY4b
  • We are heading into the final trading days for the month of September and event risk thins out amid the $SPX's rebound. This is what history says for the 39th week of the year and here is my take on the variable factors: https://www.dailyfx.com/forex/video/daily_news_report/2021/09/25/SP-500-and-Dollar-Have-Different-Views-for-Last-Week-of-September.html https://t.co/4OBVmrvI7I
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://www.dailyfx.com/free-trading-guides?ref-author=social#forecastschoices=AUD?QPID=30472&CHID=9 https://t.co/LHJi7CNFmM
  • $EURUSD https://t.co/KZyXX6p2oI
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh8pYG3 https://t.co/1zNf5dpDjU
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/z8z6BNudn5
  • #PELOSI SAYS WE ARE GOING TO PASS THE INFRASTRUCTURE BILL THIS WEEK PELOSI SAYS SHE WILL NEVER BRING TO THE HOUSE FLOOR A BILL THAT DOESN'T HAVE THE VOTES TO PASS $USD $SPX $XAUUSD
  • Short-term uncertainties to keep the pressure on equity markets. Get your weekly equities forecast from @JMcQueenFX here: https://t.co/JLMDPZKvN8 https://t.co/YbdJnwoqj1
EUR/SEK May Rise in Short Term But Fall Heading into Q1 2019

EUR/SEK May Rise in Short Term But Fall Heading into Q1 2019

Dimitri Zabelin, Analyst

TALKING POINTS – EUR/SEK, SWEDISH PARLIAMENT, RIKSBANK

  • Riksdag accepts budget from center-right parties – fiscal expansion expected
  • Sweden’s parliament will vote on Stefan Lofven as new PM on December 14
  • Markets are pricing in February rate hike after disappointing economic data

See our free guide to learn how to use economic news in your trading strategy!

The Swedish Parliament will be officially voting on the Speaker of the Riksdag’s second formal proposal for Prime Minister on December 14. Stefan Lofven of the Social Democrats Party – who recently failed to create a government coalition after being ousted by a vote of no confidence – faces an almost certain rejection.

This comes after he failed to reach an agreement with the Center and Liberal parties to deliver center-right policies in exchange for support in parliament. If four proposed candidates for PM are rejected, it will trigger a snap election.

Additionally, his caretaker government’s budget proposal was also rejected on December 12. Instead, parliament passed a center-right budget put forth by the Moderates Party and Christian Democrats. It includes the biggest income tax cut since 2007, and is estimated to provide a 0.6-0.7 percentage points to GDP from the fiscal stimulus. This compares to the caretaker government’s so-called “neutral” budget that essentially would maintain the previous year’s framework. It was forecasted to only contribute 0.1-0.2 percentage points to GDP.

The adopted budget proposal will almost certainly provide a boost to Sweden’s slowing economy. Several inflation reports for November undershot the forecasts, consequently cooling rate hike bets for December. Markets are now pricing in February rate hike. This also comes against the backdrop of global uncertainty – particularly in Europe – and a “gloomy” GDP in Q3.

In the short term, as Sweden wrestles with gridlock and slow inflation likely until year-end, EUR/SEK may continue to rise. The 10.2858 price level may serve as temporary support in the near-term. However, heading into Q1, the Swedish Krona – supported by a rate hike and fiscal stimulus – may cause the currency to rise relative to the Euro, thereby exerting downward pressure on the pair. The next possible levels of support are 10.2538 and 10.2116.

EUR/SEK – Daily Chart

EUR/SEK - Daily Chart.

For further updates on global political economy and asset responses to geopolitical shifts, feel free to follow me on twitter @ZabelinDimitriwhere I frequently tweet updates before writing an article on it.

EUR/SEK TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES