The USDSEK has been leading USD weakness against European currencies.

You could also say “The SEK has been leading European currency strength” as the USDSEK is dipping to some key support. The uptrend line from 2019 and the 50% retracement of the last move higher comes in at today’s lows at 9.4000.

Most people would think that a weak Non Farm Payroll number would lead to a EURUSD rally (which it may) tomorrow. However, I may be more inclined to look to short the USDSEK instead knowing that is broke some key support.

USDSEK pulling back

Blake Morrow