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Manufacturing PMI Remains In Contraction

SWEDEN

Swedish Manufacturing PMI for October remained in contractionary territory at 45.7 (vs 43.3 cons; 43.4 prior).

  • The PMI has consistently been more pessimistic than the manufacturing component of the Economic Tendency Indicator (which is more closely followed in Sweden).
  • The increase in the index was broad-based, with rises in new orders (both export and domestic), production and employment. However, all major components remain in contractionary territory other than planned production (55.2 vs 51.8 prior).
  • Encouragingly raw material prices fell to 42.7 (vs 44.9 prior).
  • EURSEK lost almost 0.1% following the release but this was likely EUR-driven, with EURUSD and EURGBP seeing similar downticks. The move has since been pared fully.

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