📝 Favour Buying EUR/SEK And EUR/NOK Dips: UBS Strategy

EURSEK has been grinding higher, seemingly more driven by the USD upside momentum than any Swedish specific news. My bias remains towards buying dips but wouldn't want to chase it higher. The first support is coming in at 11.35 now; 11.45, which capped it previously there, should be resistance in that area. Riksbank Governor Thedeen is scheduled to speak at 11:30 UK on Wednesday.

EURNOK is testing the 11.81/82 resistance; a break would open for retest towards 11.95 where the cross topped earlier this month. The USD upside momentum seems to be weighing on NOK, while any potential negative headlines on debt ceiling and therefore possible turn in risk would likely see EURNOK print fresh highs, so I don't really see the case to try and stand in the way of this for now.

- UBS Strategy