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Big miss for Swedish services PMI

SWEDEN
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • The Swedbank/Silf PMI services came in at 48.1 in April (from an upwardly revised by 0.2ppt 54.1 print in in March, consensus 53.8).
  • That's a big miss for the Swedish services PMI. There is very little initial react in EURSEK, however.
  • However, in the context of the previous prints, the March print was the first above 52 since 2022, so this April print back below 50 is weak, and as noted above a big miss, but perhaps isn't as surprising as it appears at first glance. It looks more as though the March print was the unusual one rather than this April print.
  • This print is unlikely to have a huge impact on this week's Riksbank decision where around 2/3 of analysts are expecting a cut anyway.
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  • The Swedbank/Silf PMI services came in at 48.1 in April (from an upwardly revised by 0.2ppt 54.1 print in in March, consensus 53.8).
  • That's a big miss for the Swedish services PMI. There is very little initial react in EURSEK, however.
  • However, in the context of the previous prints, the March print was the first above 52 since 2022, so this April print back below 50 is weak, and as noted above a big miss, but perhaps isn't as surprising as it appears at first glance. It looks more as though the March print was the unusual one rather than this April print.
  • This print is unlikely to have a huge impact on this week's Riksbank decision where around 2/3 of analysts are expecting a cut anyway.