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SWEDEN
Money market participants’ Swedish inflation expectations saw declines over the 1Y and 2Y horizons in the Prospera October survey.
- For CPIF, 1Y expectations now sit at 2.7% Y/Y (vs 3.1% prior), 2Y expectations came in at 2.1% (vs 2.4% prior) while 5Y expectations were steady at 2.1%.
- The Riksbank recently noted that it has been pleased that inflation expectations have remained well-anchored, and today's data continues to build further on this narrative (although note that as this is not a quarterly survey it only reflects money market participants.
- Participants' expectations for GDP were slightly higher (1Y-ahead growth -0.1% vs -0.3% prior, 2Y 1.4% vs 1.3% prior) while the SEK is expected to strengthen against the EUR and USD in the next 3 months.
- Elsewhere, the unemployment claims rate was steady at 3.2%, though this is not the Riksbank's preferred measure of unemployment.
- The SEK is broadly flat against the G10 this morning and did not react meaningfully to the data.
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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