Underlying weak JPY trend only likely to turn with lower US yields
GBP downside risks on retail sales
EUR/NOK due to turn lower
Thursday saw some initial strength in the SEK, which produced a retreat from a test of parity in NOK/SEK. We continue to favour the upside in this pair based on the history of the correlation with the yield spread, but the move is likely to need to come from EUR/NOK, with EUR/SEK also looking too high relative to historic correlations.