While the markets focus this morning on......>

SWEDEN: While the markets focus this morning on the political turmoil in the UK,

Swedish CPI is also due for release in just over five minutes. Consensus is for

headline to fall from 2.3%Y/Y to 2.0% and for CPIF to fall from 2.4%Y/Y to 2.2%.

- At its last meeting, the Riksbank pointed to a 50/50 chance of a hike at its

Dec 20 meeting, However, since then a large fall in the oil price, greater

global economic uncertainty as well as a disappointing Q3 GDP print have led to

markets now pricing less than a 10% chance of a Dec hike.

- With this in mind, an upward surprise in CPI would likely see a bigger move in

SEK and Swedish FRAs than a downward surprise.