• SEK dips following Riksbank’s minutes release

  • Bitcoin returns above $10k mark

  • CAD traders await inflation report

Lack of top tier macro releases from Europe set early trading to be calm. Nevertheless, Canadian inflation report scheduled for the early afternoon may spur some volatility on the CAD tied FX pairs. European benchmarks wander trying to gain traction. GBP is the best performing currency among G10 while the SEK is the top underperformer. Gold trades flat while oil posts minor decline.

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European benchmarks performed steady during the opening as the investors remain cautious following mixed performance of the US stocks. Yet as the time passed major blue chip indices from Old Continent began showing a little weakness. Automobile and technology companies underperform the most while the telecommunication stocks lead the gains.

The account of the last Riksbank meeting turned out to be adverse for the Swedish currency as some members expressed their concerns over the development of inflation which could be viewed a SEK negative in the light of the latest disappointing inflation report for January. Consequently, the SEK is trading widely lower being the worst currency among its major peers.

Looking back to Monday it’s worth recalling that we pointed to a possible rebound in the greenback which has materialized quite well thus far. Being just several hours before the week close one may make a short recap illustrating that the US currency has been by far the best performing one while the Canadian and the NZ dollars have been beleaguered the most.

In early trading the Canadian dollar is among those currencies which are losing the least against the US dollar. However, everything may change this afternoon when the Canada’s inflation report is released.