Sweden fundamentals support SEK – Danske Bank

Allan von Mehren, Chief Analyst at Danske Bank, assessed the recent results in the Nordic economy.

Key Quotes

“The move in EUR/SEK was sparked by the Swedish labour market report, which was much better than markets had expected”.

“Indeed the drop in the seasonally adjusted unemployment rate of 0.5pp to 6.7% together with the 2.3% yearly rise in the number of employed underpins that the macro backdrop in Sweden is SEK positive - even if last month’s deteriorating risk appetite admittedly sent EUR/SEK a little higher than what we initially had expected”.