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
Subscribe
Please try again
EUR/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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/IgUIG55MbH
  • Supply constraints, rebounding global demand and rising inflation expectations may drive crude oil prices higher in the near term. Get your market update from @DanielGMoss here: https://t.co/ezPoAwcJt7 https://t.co/NMfk1cYSvE
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/OiRiBVeuzL
  • Crude Oil Prices Aiming Higher on OPEC Surprise, Inflation Expectations - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/03/06/Crude-Oil-Prices-Aiming-Higher-on-OPEC-Surprise-Inflation-Expectations.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $CL #Crudeoil #OOTT #OPEC https://t.co/AKvXWX9DLQ
  • Given the size of the rally in the eleven months preceding the beginning of the current decline a broader sell-off looks warranted. Get your market update from @PaulRobinsonFX here: https://t.co/UxZiSulpwB https://t.co/raXvlzkGbV
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/lp0tmKS9WR
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/3bOSIBeID9
  • Rising yields and US Dollar creates a weak environment for gold, which trades at a 9-month low. Get your market update from @JMcQueenFX here: https://t.co/lh6Qb2qxin https://t.co/MRAYe57e1A
  • RT @FxWestwater: US Dollar Fundamental Forecast: US Dollar Eyes Inflation Data After NFP Boost Link: https://www.dailyfx.com/forex/fundamental/forecast/weekly/usd/2021/03/06/US-Dollar-Fundamental-Forecast-US-Dollar-Eyes-Inflation-Data-after-NFP-Boost.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr $DXY https://…
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/NvEAeWkBP1
Industrial Production Drops 5% in Sweden, EURSEK Remains Supported

Industrial Production Drops 5% in Sweden, EURSEK Remains Supported

Walker England, Kara Dailey,

Talking Points:

  • Minutes of MPC confirm extension of zero interest rate
  • Industrial Production falls 5.0% (y/y) while Service Production increases (3.4%)
  • EURSEK remains supported in an uptrend

Minutes of the Riksbank Monetary Policy Meeting were riddled with expansionary rhetoric. The executive board held the repo rate at zero with the foregone conclusion that rates needed to remain there through the second half of 2016—longer than originally assessed in October’s report. Yet despite the board’s efforts to keep the inflation target as the benchmark for price-setting and wage-formation, the renewed zero rate has done little to excel industrial and service production.

As noted by First Deputy Governor Kerstin Jochnick, the more than 40% drop in the price of oil since June has generated opposing effects; while aiding consumption among importing nations it has left overall global inflation subdued. Expanded upon by Deputy Governor Per Jansson, Swedish inflation expectations for 5 years out have fallen in December to 1.72 from 1.85. These complementary effects are reflected in November’s production activity.

Industrial production decreased by 5% year-over-year, 1.3% in the three months September-November and 0.2% month-over-month. The greatest yearly production decline came from the computer and electrical industry (-33.6%) which was partially offset by an increase in the refined petroleum industry (37%). The greatest monthly influence came again from a decline in computer and electrical products (-14%) while an increase in non-metallic mineral products (13.5%) slowed the index’s drop. Industrial orders also contracted by 1.1% in November when compared to December.

Service Production, when adjusted for volume and working day modifications, increased 3.4% year-over-year and 1.0% month-over-month. The greatest developments came from wholesale trade (excluding motor vehicles) which grew by 4.8 and 5.9 percent respectively. The 3 month span from September to November also increased 1.1% due to advances in computer programming (4.7%) and information/ communications (4.4%). Growth in this category was stemmed by a drop in education (-1.1%).

EUR/SEK Daily Chart

dailyfx Euro Swedish Krona daily chart

Chart Created by Walker England using MarketScope2.0

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

DISCLOSURES