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EUR/SEK to keep oscillating around the 10.20 gravity line – ING

EUR/SEK is currently going nowhere. Inflation numbers out on Friday are not going to rock the “steady as she goes” Riksbank boat. Overall, EUR/SEK is set to stay around 10.20, economists at ING report.

Dovish expectations on Riskbank’s remain warranted by the subdued inflation 

“A slowdown in core CPIF YoY to 0.5% in July is a signal that the market’s dovish expectations on the Riskbank’s policy remain warranted by the subdued inflation outlook in Sweden. This could come to the detriment of SEK in the longer run if interest for carry trade re-emerges, as it may make the krona lag other activity currencies.”

“In the week ahead, there is no economic data in Sweden that will move the market, and SEK may only be sensitive to the data flow out of the eurozone (GDP and CPI).” “Still, we expect EUR/SEK to keep oscillating around the 10.2000 gravity line.”

 

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