| Market Analysis Forex - 27 09 2011 |
 The NOK and the SEK ranked at the top of our scorecard this week despite the massive deterioration in market risk sentiment ‘recently’. The ranking highlights the superior economic and credit fundamentals as well as the valuation of the two. We think that these could stimulate renewed demand for Skandi currencies once the worst of the market panic and the associated liquidity strains is behind us in coming weeks.The JPY advanced to the top-3 position and the USD moved higher in our scorecard ranking as the recent excessive FX market volatility fuelled demand for safe haven last week. Commodity currencies lost ground with the AUD down one place to 4th, the NZD dropping three places to 5th and the CAD slipping from 5th to 7th. Both the CAD and the NZD were hit by a strong downward shift in yield momentum coupled with continuing weakness in market risk sentiment. Investors will look for more signals that officials will act to forestall further deterioration in global financial conditions. Speeches by FOMC and ECB officials this week could provide forward looking guidance about the prospect for more accommodation ahead. Also, indications that the euro officials are dealing with the sovereign debt crisis ahead of the Eurogroup/Ecofin meetings could help risk-correlated G-10 currencies stabilize as well. |
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