PMI back above 50, defies slowdown in Eurozone
Contrary to our and consensus expectations, Swedish manufacturing PMI rose to 50.6 in July compared to 48.4 in June. Expectations were for a further decline (our fct: 48.1).
Orders jump, suggesting further strength ahead
New orders jumped almost 5 points to 50.6. Given the leading characteristics of the order component it suggests further upside for the headline number ahead.
Strengthens case for unchanged rates at next Riksbank meeting
Following the surprisingly strong GDP number Monday this gives further ammunition for unchanged Riksbank rates at the September meeting and lends additional support to SEK appreciation.