Distinctive SEK-bullish price action in European mornings points to Riksbank’s activity in the FX market – ING
The Swedish Krona has been the best-performing G10 currency after the Dollar this week. Economists at ING analyze SEK outlook.
Riksbank’s FX sales in focus
We observed the rather distinctive SEK-bullish price action in European mornings (around 10:00 am GMT) that points to Riksbank’s activity in the FX market.
Like every Friday, FX hedging data will be released by the Riksbank – this time for the week of 23-27 October. The threshold is around $500-600 and €100 worth of sales weekly, and the weekly pace is consistent with the hedging programme ending in four months (the shortest possible window). Higher figures should be negative for SEK, even though the immediate impact may not be too significant.
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