EUR/SEK, NOK/SEK flows: Brent speeds up on $100 break, watching headlines
$100 break picks up some speed as the market hedges towards possible Iran progress at UN 'window of opportunity'
NOK/SEK the stereotypically responsive cross, while wider mkt also influenced via impact on rate expectations and risk sentiment
Enough deja vu not to be counting chickens, while adjusting hedges with the odds and news
As noted earlier, Brent breaking the highlighted range threshold $100 earlier on hopes of diplomatic progress at the UN meeting, given an extra fillip by the reports of an Iran reopen deal proposal. Plenty of wood to chop but generally plays to the notion that the UN is as ripe an opportunity as any for intensive talks and deal efforts to step up. And with recent energy prices further pummelling Trump's approval rating into the mid-terms, he could certainly do with another declared 'victory'.
$100 has been the key threshold between the $80-100 and the 100-120 zones so a sustained move back below is always psychologically important for the wider market and prone to attract momentum moves. NOK/SEK as the stereotypical proxy will tend to reflect the action, along with wider spillover to JPY and to dollar-risk also via impact on rate hike expectations. Events here will ultimately matter more on the cross than this week's Norges and Riksbank meetings (while those also of course having potential to feed off developments here).
The market has almost countless times been forced to move on 'hope rather than expectations' of course only for things to snag, so nobody is counting any chickens. But for now, the market is front running the increased potential for progress and going with the chart action