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Retail Sales Show Continued Weakness

SWEDEN

Swedish retail sales printed at 0.2% M/M (vs a revised 0.7% prior; 0.0% cons) and -1.7% Y/Y (vs a revised -2.6% prior). The sequential monthly fall in retail sales shows rate hikes are continuing to affect consumer spending patterns.

  • The economic tendency survey, released earlier this week showed the retail sector as the weakest performing business sector, suggesting the sequential declines may continue into Q4.
  • Next Monday, we receive minutes from the September Riksbank decision.
  • SEK was mixed against G10 peers in the overnight session, but remains down almost 3% on the week.

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