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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SWEDEN
The Economic Tendency Indicator continued to improve in March, with the headline index up 2.4 points to 93.1 (vs a slightly upwardly revised 90.7 prior). While still in "contractionary" territory, this signals a brighter outlook ahead for the Swedish economy and we expect the Riksbank's GDP forecast to be revised higher in tomorrow's MPR.
- The headline increase was driven by a rise in both consumer (87.5 vs 83.0 prior) and business (94.4 vs 92.1 prior) confidence.
- Consumers expected an improvement in the general economic and financial situation over the next 12-months, while the "personal risk of unemployment" and inflation expectations components fell.
- Business selling price expectations rose a touch to 16 (vs 14 in February, long-term average of 12), but remain below levels seen at the end of last year.
- However, the increase was driven by the services sector, where selling price expectations rose to 20 (vs 12 in February, long-term average of 11).
- The volatility of this series may prompt a slightly more cautious tone from the Riksbank around business pricing plans than previously expected, with services CPIF inflation still running close to 5% Y/Y.
- However, we still think the totatlity of the data alongside today's ETI release points to downward revision to the rate path overall.
- Our full Riksbank preview (released yesterday) can be found here.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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