• This week, the scorecard recommends buying SEK, NOK and USD while selling
AUD, CHF and EUR (see suggested weights in portfolio in table below).
• Not much is changed compared to last week. Short AUD/SEK is still the scorecard’s
favored position, driven by a massive undervaluation of the Swedish krona and a
number of negative factors impacting on the Australian dollar. The NOK appears also
attractive while the scorecard prefers to be short the European euro and its satellite,
the Swiss franc.
• After two terrible weeks with massive losses due to SEK overweight, the scorecard
delivered a modest 0.4% profit last week. See performance chart below for details. 
Disclosure
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