Riksbank Sold $490mln and E200mln in its 12th Week of FX Hedging

Data released in an auxiliary spreadsheet appears to provide details on the Riksbank's 12th week of FX hedging (due for release at 0930GMT today).

• The Riksbank sold $490mln and E200mln in its 12th week of FX hedging (W/C 11/12 - 15/12). This compares to $600mln and E51mln last week. Overall, the Riksbank has now hedged around 81% and 46% of the $8bln and E2bln initially announced respectively.
• The pace of USD hedging remains on track to be completed in the quickest possible time (4-months from w/c 25th Sep). We have currently assumed that the Riksbank will halt FX sales in the W/C 25 Dec only (due to low market liquidity), but next week's data may show that they also opted not to conduct sales in the W/C 18 Dec.
• As is well-known at this stage, the majority of EUR hedging is conducted via EU membership payments. In the 12th week of hedging, SEK2,250mln of payments were made to the EU (vs SEK570mln in the 11th week).
• Data on the how EU membership payments are used for hedging operations are released alongside the overall EUR and USD amounts each week at the "EU payments in currency hedging" section of the following link: https://www.riksbank.se/en-gb/markets/the-gold-and-foreign-currency-reserve/currency-hedging--sales-of-dollars-and-euros/.