EURSEK: Strategy Views from BNP Paribas

We are closing our long EURSEK trade at 11 2724 for a small loss of 0 44 USD 44 k We initially added the trade to position for a more dovish Riksbank and the end of the reserve hedging programme.

However, even though these factors have played out and the USD has gained strength, the trade has failed to perform On fundamentals, we continue to view risks around EURSEK as skewed to the upside and we maintain our bearish medium term view on the SEK For now, though, we think it is prudent to move to the sidelines in the cross