Tag Archives: SEK
Sweden: Retail sales take off
November retail sales came out well above expectations. In volume terms, sales increased by a full 4.5% over the year. Forecasts stood at 3.0 % y/y.
Sweden: Producer prices indicate continued low inflation
There were rather small changes for producer prices in November. Prices rose by 0.4% on the month but declined by 0.4% over the year. There were no consensus forecasts ahead of the figures.
Sweden: Dovish Riksbank delivers
As widely expected the Riksbank cut the repo rate by 25 bps to 0.75%. Notably, the repo rate path was revised down substantially. They keep a small short-term easing bias (16% likelihood of a rate cut at next meeting) and
Sweden: Inflation expectations edge down
Inflation expectations for all time horizons edged down in December, according to Prospera’s quarterly survey including money market players as well as labour market organisations and purchase managers.
Macro Viewpoint: Sharp drop in Swedish industrial production in October
Manufacturing production dropped by a full 1.7% on the month in October, far below forecasts. Production was a full 5% lower than a year ago. Moreover, order intake fell as well, indicating weak developments also in the coming months.
The Global Macro Pulse
EURUSD rallied further in Asia to 1.3756 while AUDUSD and USDJPY were flat at 0.9105 and 103.28, respectively. In EM Asia FX, the MYR has outperformed, appreciating to 3.2005 to the dollar while USDPHP rose to 44.280,
FX Viewpoint: inflation focus
Whatever it takes. And it does take very little from ECB to keep the EUR strengthening: just a do nothing with Draghi’s philosophical “if the time ever comes” for the new measures.
The Global Macro Pulse
AUDUSD has edged slightly higher, to 0.9045, after falling sharply in New York. In contrast, EURUSD is flat at 1.3585 and the yen has held some of its overnight gains to trade at 102.31 vs. the USD.
Macro Viewpoint: Encouraging rise in Swedish service PMI
The service sector PMI rose to the healthy level of 57.0 in November from 53.8 in October. The report is encouraging and yet another sign that growth in the domestic economy is healthy.
Macro Viewpoint: Swedish Q3 GDP figures better than expected
Swedish GDP nearly stagnated in on the quarter in Q3, in line with our forecast but weaker than consensus. Growth was also weaker than the Riksbank’s view.
Macro viewpoint: Swedish consumers stay cautious
Today’s retail sales figures came out somewhat weaker than expected. In volume terms, sales were unchanged over the month, while we had expected a uptick from the slow Q3.
Macro Viewpoint: Still waiting for the recovery in Swedish exports
The trade figures for October suggest that exports of goods have levelled out while there is still no recovery. Imports were stronger but still rather sluggish.