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EURSEK largely unchanged despite volatility around the decision

RIKSBANK
  • The higher rate forecast will probably dominate the smaller QT pace here at least in the short-term, so a stronger SEK seems justified to some extent. However, proceed with caution given the hawkish BOE/Norges decisions were faded very quickly by the market last week. And at present EURSEK has seen volatility but is trading pretty close to its pre-decision level.
  • Policy rate forecast tops out at 4.05% - so that's marginally hawkish for rates.
  • But QT pace increaesd to SEK5bln/month - that's at the bottom end of the SEK5-6bln analyst expectations and lower than the SEK5.75bln investors expected, so is slightly to the dovish side on QT.
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