Swedish Lending and Norwegian Unemployment Steady

EURSEK and EURNOK have gained 0.1% following the release of household lending/trade balance data in Sweden and trend unemployment in Norway, though cross-market flows are likely also playing a part here.

• Swedish household lending was steady in September at 0.7% Y/Y (note that mortgages account for 83% of total lending to households). Since April 2022, lending to households has fallen markedly from 6.8% Y/Y to today's levels, highlighting the impact of the Riksbank's tightening cycle. The September trade balance also entered surplus at SEK2.2bln (vs a revised -SEK7.7bln prior).
• In Norway, the trend unemployment and employment prints from the LFS were steady at 3.5% and 70.3% respectively, though this is not the Norges Bank's preferred unemployment measure (the unemployment claims rate, produced by the labour and welfare administration is due next Friday (1.8% in September).