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SEK Unfazed by SBB Headlines

SWEDEN

SEK is slightly lower against the G10 this morning, with data and headlines not providing meaningful catalysts amid a quiet pre-NFP session so far.

  • House price data this morning showed metropolitan area prices falling on the month, even though country-wide prices were unchanged.
  • September's budget balance fell into deficit (-SEK6.3bln vs +SEK34.3bln prior) but was above Debt Office expectations of -SEK8bln.
  • Finally, SBB shares continue to trade heavy - now almost 5% lower on the day - following headlines that they may be forced to pay off bondholders of Valerum AB after a coupon payment miss.
  • NFP will provide cues for global sentiment later today, with next week's Swedish docket highlighted by national accounts and CPI.

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