Brexit Talks Pivotal For GBP - Market Expects Good News

Published 12/04/2017, 07:53 AM

EUR/SEK - a 'housing risk premium' has (fairly in our view) hit the SEK and we expect the cross to do a new test of 10.00 near term.

EUR/NOK - expect stabilisation but the NOK leg remains vulnerable in the month ahead, look to sell cross strategically ahead of year-end.

EUR/USD - set to be range bound (roughly 1.17-1.20) near term, with the risk of a topside break on ECB support at the December meeting.

EUR/GBP - Brexit talks are pivotal for the GBP this week. The market is already positioned for good news but a test of 0.8746 is likely if there is further progress on negotiations.

USD/JPY - Set to remain supported by the US tax reform progress near term but strong resistance seen above 113, with both 113.09 and 113.33 key technical resistance levels.

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