- This was a really poor Swedish retail......>

SWEDEN: - This was a really poor Swedish retail sales print, which came out at

-1.1% Y/Y. The release can be very volatile, but its worth noting that the 3-mma

of the Y/Y growth rate is now at zero. It was last lower than this in November

2011.

- Looking a bit deeper into the numbers, it appears as though most of the

weakness has been driven by the more volatile durables number. The WDA Y/Y

durables print is at -2.7% Y/Y, which is its lowest level since March 2009 in

the depths of the financial crisis. Retail sales for consumables actually held

up pretty well, but the weakness in durables is a real concern for the Swedish

economy here.

- EURSEK rallied 0.25% and has hit its highs of the day on the release and has

now pared some of its gains and is trading just below 10.29.