SEK: Looking for EUR/SEK to move back below 9.60 - ING

Analysts at ING suggest that despite the below-consensus Sep CPI and the subsequent SEK weakness, they don’t expect the SEK weakening trend to continue.

Key Quotes

“Look for EUR/SEK to drift below the 9.60 level this week. The negative SEK effect from the weak inflation data should be one-off in the same way the re-appointment of the dovish Gov Ingves had only a one-off negative impact the currency three weeks ago.”

“It is also a very calm week on the data front, with the Sep unemployment rate on Thursday being the key data point. This suggests limited catalysts for further idiosyncratic SEK weakness.”