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.

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
EUR/USD
Mixed
Oil - US Crude
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
Wall Street
Bearish
Gold
Mixed
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
GBP/USD
Mixed
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
USD/JPY
Mixed
More View more
Real Time News
  • The longer-term EUR/USD outlook will hinge on Thursday’s ECB guidance; any hint of a further easing of Eurozone monetary policy would weaken it, but that is far from guaranteed. Get your #currencies update from @MartinSEssex here: https://t.co/RmHCfIwdqp https://t.co/hvETa6mtft
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true. Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/M8WTvZgx2K
  • The Australian Dollar was under selling pressure this past week, but it held its ground. Bearish patterns brew in AUD/USD and AUD/JPY. Will EUR/AUD, GBP/AUD try to break higher again? Get your #currencies update from @ddubrovskyFX here: https://t.co/04kzJSqgNG https://t.co/ulPk1UneMM
  • Stocks are set to endure a string of data releases with market-moving potential in the week ahead in the form of tech earnings, European GDP and more, even as the US Presidential election clamors for the spotlight. #equities update from @PeterHanksFX here https://t.co/R6tpEvfXJb https://t.co/7koHTyh2AK
  • As we round our way towards a new week, Cable is within the confines of a bullish structure with beginnings back in September. Get your #currencies update from @PaulRobinsonFX here: https://t.co/NIbRTVmjqq https://t.co/zYma4Iq4dP
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here: https://t.co/UGhbX6kn3H https://t.co/NE2RB1NT55
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/MVwUUltt6R
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/38gTDn8ejP https://t.co/XnQzHlFsAv
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/FuLPdCLpKs
  • Elections anticipation may sabotage trend development next week, but that won't curb volatility between stimulus talks, Covid cases, FAANG earnings and 3Q GDP updates. Top of my watch list this week will be $EURUSD. My video on it all: https://www.dailyfx.com/forex/video/daily_news_report/2020/10/24/EURUSD-a-Top-Volatility-Risk-This-Week-but-Election-Anxiety-May-Keep-Markets-From-Trends.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/t14eT2SMa7
NOK, SEK Tremble Ahead of US-China Trade War News, EU Growth Data

NOK, SEK Tremble Ahead of US-China Trade War News, EU Growth Data

2019-05-13 08:00:00
Dimitri Zabelin, Analyst
Share:

NORDIC FX, NOK, SEK WEEKLY OUTLOOK

  • NOK watches GDP publication– SEK eyeing Riksbank, CPI reports
  • Nordics tremble before EU growth data – Italy and Germany in focus
  • Trade wars, Brexit remain headline risks as the global economy cools

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

RECAP: LAST WEEK

Last week – much like the start of this one – markets experienced a rude awakening by the news that US-China trade relations had severely deteriorated. In Norway, the Norges Bank announced its rate decision with an eye on another “likely” hike in June. The economic docket in Sweden remained light, so SEK currency crosses found themselves being primarily driven by global fundamental themes than by Sweden-based event risk.

EUROPEAN RISK: ECONOMIC DATA

The economic docket in Europe this week is peppered with crucial growth indicators out of the aggregate Eurozone as well as key individual member states. Namely, Germany, France and Italy – the three largest economies in the Euro Area. Here are a few potentially high-risk events to keep an eye on:

May 14, Tuesday – German ZEW Surveys, CPI.

May 15, Wednesday – Eurozone GDP. German GDP, France CPI. Italy Industrial Orders, Sales

May 17, Friday – Eurozone CPI

European economies have been broadly showing weakness despite the minor improvement last week that saw better-than-expected data and Italy’s ascension out of its shallow recession. However, the dominant downtrend and regional weakness still persists with looming political uncertainties accompanying the upcoming – and what some might call dreaded – European parliamentary elections.

While Germany struggles to avoid a recession, France is still contending with the Yellow Vest protestors as Emmanuel Macron attempts to appease them through bold – and potentially dangerous – fiscal measures. In a similar vein, the Italian government’s resolve on keeping its regulation-violating budget deficit is angering Brussels. This comes as Italy’s growth projection was revised for a third time down to 0.1 percent for 2019.

Krona and Krone traders will be closely watching the results of the data because of the implications European growth trends have on Nordic economies. This in large part has to do with the unique framework of EU-Nordic relations. Since the majority of Sweden’s and Norway’s exports head to Europe, reduced demand out of the Euro area could pressure the Scandinavian economies.

Chart Showing Global PMI

US EVENT RISK: ECONOMIC DATA

In the US, a slew of key indicators will be released which could induce short bursts of volatility. Here is some data to key an eye on:

May 15, Wednesday – Empire Manufacturing, Retail Sales, Industrial Production

May 16, Thursday – Housing Starts

May 17, Friday – U. of Mich. Sentiment (May P)

According to the Citi Economic Surprise Index, US data has been tending to underperform relative to economists’ expectations. This might explain why the Fed pivoted from its hawkish outlook at the end of 2018 to a more neutral tone. Housing starts in particular may warrant a close eye because of the potential inflationary boost it may provide to the US economy through increased consumption that often follows from purchasing a home.

US-China trade war risks will also likely continue to dominate headlines as it remains one of the biggest fundamental themes in global markets since 2018. The recent fallout in trade relations between Beijing and Washington revived market-wide risk aversion that has resulted in equity indices, crude oil prices and other sentiment-linked assets taking a hit. To learn more, be sure to tune into my weekly webinar where I outline political risks in the week ahead.

NORDIC EVENT RISK:

In Sweden, the economic docket for the week is primarily dominated by various CPI data releases. While the latest meeting minutes and commentary from the Riksbank revealed dovish undertones, weaker price growth may further add impetus to the notion of delaying the central bank’s intended rate hike. A more up-to-date outlook may be provided by various Riksbank officials who will be speaking throughout the week.

In Norway, local quarter-on-quarter GDP was recently released. Apart from that, the economic docket remains relatively light. This may leave NOK at the mercy of counter currency-based event risks and fundamental themes.

Want to stay up to date on Nordic price action? Be sure follow me on Twitter @ZabelinDimitri.

SWEDISH KRONA, NORWEGIAN KRONE 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