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FX Hedging Completed, No Plans To Extend

RIKSBANK
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The Riksbank have completed their FX hedging programme in just over 5-months, with USD8bln and E2bln of reserves hedged overall. When initially announced, they had expected the programme to take 4 to 6-months to complete (from W/C Sep 25).

  • Some analysts had speculated that the Riksbank may extend the programme ahead of last week's monetary policy meeting, but Governor Thedéen pushed back, stating that there were no such plans at this stage.
  • Overall, the sales have not been material enough to prompt significant movements in the SEK, with global risk appetite the primary driver of the currency's movements in the last few months. USDSEK moved a few ticks higher following the release, but remains comfortably within today's range.


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The Riksbank have completed their FX hedging programme in just over 5-months, with USD8bln and E2bln of reserves hedged overall. When initially announced, they had expected the programme to take 4 to 6-months to complete (from W/C Sep 25).

  • Some analysts had speculated that the Riksbank may extend the programme ahead of last week's monetary policy meeting, but Governor Thedéen pushed back, stating that there were no such plans at this stage.
  • Overall, the sales have not been material enough to prompt significant movements in the SEK, with global risk appetite the primary driver of the currency's movements in the last few months. USDSEK moved a few ticks higher following the release, but remains comfortably within today's range.