Pares Losses Against EUR and USD

EURSEK now sits flat on the day, falling around 0.4% from the intraday high of 11.8232. USDSEK similarly has fallen 0.4% from the high but remains 0.1% higher on the day.

• The recovery comes as the USD rolls over and European equity markets approach daily highs. Stronger-than-expected IFO numbers out of Germany may have also helped at the margin, given Sweden's sensitivity to developments in Germany.
• Comments from the Riksbank's Jansson earlier did not add much new on the November meeting outlook.
• Speaking at the National Mediation Institute's conference on socio-economic conditions for wage formation, he spoke on the importance of responsible fiscal policy and wage formation in preventing inflation from becoming entrenched and stated that current conditions were favourable for inflation to continue falling (but that uncertainty remains for the inflation/policy outlook).