SILVER: Silver Just Shy of ATHs; Trendline Support in Gold/Silver Ratio Noted

• US EIA: CRUDE OIL STOCKS EX SPR +3.94M TO 424.6M SEP 05 WK
• US EIA: DISTILLATE STOCKS +4.72M TO 120.6M IN SEP 05 WK
• US EIA: GASOLINE STOCKS +1.46M TO 220.0M IN SEP 05 WK
• US EIA: CUSHING STOCKS -0.36M TO 23.9M BARRELS IN SEP 05 WK
• US EIA: SPR +0.51M TO 405.2M BARRELS IN SEP 05 WK
• US EIA: REFINERY UTILIZATION WEEK CHANGE +0.6% TO 94.9% IN SEP 05 WK

Fresh strength seen for Scandi FX since the US cash open, seemingly a function of the broader dollar pullback post-US PPI rather than in response to any fresh domestic catalyst. NOK and SEK outperform the G10 basket on an intraday basis.

• USDNOK (-0.9%) is narrowing the gap to the June 17 low at 9.8615, clearance of which would expose the December 2022 low at 9.6982.
• A reminder that this morning’s August inflation report was stronger-than-expected, driving a 7bp intraday rise in 2-year NOK swap rates and placing heightened focus on tomorrow’s Q3 Regional Network Survey. A Norges Bank hold next week is still possible if that survey is hawkish.
• USDSEK meanwhile has registered a fresh multi-year low, with support seen at 9.2307 (March 2022 low).
• Tomorrow’s Swedish calendar includes the final August inflation report, details of which will be important to judge the likelihood of a September rate cut. With Riksbank Deputy Governor Jansson not coming across as overtly dovish following the lower-than-expected flash release last week, the Executive Board could decide to keep rates steady in September, and save some dry powder for later this year if required.
• Riksbank Governor Thedéen also speaks tomorrow at 1200BST. The topic of the speech is banking sector liquidity. 

MNI Tech Trend Monitor: https://emedia.marketnews.com/marketnewsintl/MNITechTrendMonitor.pdf

We introduce the MNI Tech Trend Monitor - This document highlights a selection of key longer-term trends that we have identified in markets that could be reaching inflection points, trend reversals/extensions or technically significant levels.

Covering:

• UK Gilt 10y Yield
• UK Gilt 30y Yield
• ICE USD Index
• Europe Banking Stock Index (SX7E)