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RIKSBANK: SEK Largely Unchanged Following In-Line Riksbank Decision

RIKSBANK

The SEK trades little changed as the Riksbank delivers its second 25bp cut of 2024 and opens the door to cuts at each of its remaining meetings this year (September, November and December).  

  • This dovish tilt in the guidance was largely (but not unanimously) expected by analysts coming into the decision, prompting the limited moves in FX.
  • Most analysts expect 2 more Riksbank cuts this year, bringing the policy rate to 3.00% in December. 
  • However, many – including MNI – note a material possibility of a more dovish trajectory. SEB and Nordea already have a year-end policy rate of 2.75% as their base case, and more may follow in the aftermath of today’s decision.

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