EUR/SEK still a buy on dips – Danske Bank
|Jens Sorensen, Chief Analyst at Danske Bank, recommended buying the cross on occasional dips.
Key Quotes
“In the Scandies, Tuesday’s Swedish inflation numbers bolstered our bullish views on EUR/SEK and NOK/SEK while they supported our case of no Riksbank rate hikes this year”.
“The recent move higher in EUR/SEK has been driven mainly by relative yields – that is, repricing of the Riksbank – while the housing market has taken a breather on the back of last week’s positive data from Valueguard (which in our view was a temporary correction)”.
“We continue to see EUR/SEK as a buy on dips, repeating our 3M target of 10.00. If 10.00, the next levels to watch are 10.03 and 10.08”.
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