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Saxo Traders: Swedish Krona puts pressure on rate talks
Saxo Bank’s Traders are seeing strong numbers out of Sweden which are causing the Swedish Krona to rise. Kresten Bechmann (http://www.tradingfloor.com/traders/kresten-bechmann) says this is putting pressure on Sweden's Riksbank; analysts have been expecting it to lower the rates when it meets on 17 december, but he explains the market is now “very much split” on whether that is going to happen or not.
The Riksbank is under increasing pressure to lower rates as the USD 540 billion economy grapples with slack export demand and after consumer prices unexpectedly declined in October.
Meanwhile, Dan Larsen (http://www.tradingfloor.com/traders/dan-larsen) is continuing to see very strong dollar yen, and he says it looks like the pair is very supportive on the downside on every dip he sees.
The yen weakened after data showed manufacturing in China, Europe and the UK expanded last month, damping demand for Japan’s currency as a haven.
And Pierre Magnussen (http://www.tradingfloor.com/traders/pierre-magnussen) is seeing very bullish price action in dollar yen and he says everything points towards the fact that we will see the 103 level soon.
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01:38 minutes
Tags: central bank, china, china manufacturing, dan larsen, debt, dollar, dollar yen, economy, eur, euro, europe, eurozone, exports, forex, fx, fx markets, interest rates, investing, investment, japan, japan exports, japanese economy, kresten bechmann, krona, manufacturing, non farm payrolls, non farms, riksbank, saxo bank, saxo tv, sweden rate decision, swedish debt, swedish economy, swedish riksbank, traders, trading, trading fx, tradingfloor.com, uk, uk economy, us jobs data, usd, usd jpy, video, yen