Global macro overview for 11/10/2017
October 11, 2017 1:23 pmVideo
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Global macro overview for 11/10/2017:
Kerstin af Jochnick, first deputy governor of Riksbank, in his speech today decides to uphold the position of the remaining members of the Swedish central bank. Jochnick is optimistic about rising inflation trends and the influx of more satisfactory data. In her opinion, Riksbank must have relatively stable land for further increases, which is associated with more substantial inflationary pressures or even higher economic growth.
At the last meeting, the Executive Board of the Riksbank decided to hold the repo rate unchanged at -0.50%. The first rate increase is expected to occur in mid-2018, which is the same assessment as in the Monetary Policy Report in July. The purchases of government bonds will continue during the second half of 2017, as decided by the Executive Board in April.
Let’s now take a look at USD/SEK technical picture at the H4 time frame. After the triangle breakout, the price has hit the gray rectangle supply zone between the levels of 8.1854- 8.2252 where it was capped. Ater the reversal, the price has retraced 61% of the previous swing high and bounced from the level of 8.0400. Currently, the price is trading in a narrow zone between the levels of 8.0817 (resistance) and 8.0400 (support) in oversold market conditions.
The material has been provided by InstaForex Company – www.instaforex.com
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