SEK still a preferred European currency – BNPP

Research Team at BNP Paribas, suggests that the European economic data calendar is busy for the day ahead with the release of German consumer confidence, Eurozone January final CPI and M3, revised UK Q4 GDP and Swedish manufacturing/consumer confidence.

Key Quotes

“Our economists see risk that UK growth could be revised down from the initial estimate of 0.5% q/q which would keep upward pressure on the EURGBP.

For Swedish data markets expect a deterioration but we suspect they will be more sensitive to a positive than to a negative surprise. We remain short EURSEK with a 9.15 target and the stop trailed to entry at 9.48.”