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From the Floor: Sterling, SEK in focus on CPI releases — #SaxoStrats

   • EURSEK 'feels twitchy' ahead of CPI print, Riksbank
   • EURGBP rally falters on extended Brexit uncertainty
   • Nasdaq Composite poised for Christmas rally to 7,000
   • S&P 500 to push higher despite massive divergence: Larsson

By Michael McKenna

Today sees the latest CPI data out from both Sweden and the United Kingdom, and Saxo Bank head of forex strategy John J Hardy views both country's currencies as swing candidates in the event of a surprise.

"EURSEK feels very twitchy around [its current levels around 10.00]," says Hardy, adding that any big post-CPI moves are likely to contain speculation on next week's Riksbank outing as well.

In sterling, Hardy points to tomorrow's Bank of England outing as well as the ongoing ambiguity concerning Brexit – trade talks are not set to begin until February or March at the earliest – as potential factors for GBP.

"One thing to keep in mind is the recent failure of key support levels in EURGBP," Hardy notes.


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Source: Saxo Bank 

In stocks, Saxo Bank technical analyst Kim Cramer Larsson says that US investors can expect Christmas rallies in the benchmark Nasdaq Composite and S&P 500 indices, noting that the former looks "ready for 7,000 before or at Christmas" while the latter appears ready to rally despite massive divergence.

On the other side of the pond, Larsson reports that he sees the FTSE 100 heading towards 7,600 again while he is less sure of an end-of-year rally in the German Dax index.

"The Dax is struggling," says Saxo's technical anaylsis chief, "and I see us as bullish above 13,200 with support at 12,850 and 12,500."

For more on forex, central banks, and technical analysis, watch today's Morning Call in full.

Christmas in Manhattan
Nothing like Christmas in New York... or at least in New York-listed stocks. 
Photo: Shutterstock

Michael McKenna is senior editor at Saxo Bank


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