Research


Choose type:


Results: listing 1 - 6 of 288 for “The Riksbank”

Fast Comment Sweden — May inflation above Riksbank target as positive energy price trend continues

  1. Inflation in line with expectations, and will rise further in June
  2. The energy price rise is no longer a temporary nuisance for the Riksbank
  3. Another sign that the Riksbank will indeed hike its policy rate in December

Johan Löf, Senior Economist | jolo22@handelsbanken.se

Fast Comment Sweden — Inflation in April: The last scare before focus shifts back to upward trend

  1. Outcome fully in line with expectations
  2. Further signs of firm underlying inflation
  3. We stick to our forecast of a rate hike in December from the Riksbank

Johan Löf, Senior Economist | jolo22@handelsbanken.se

Fast Comment Sweden — Preview of April inflation: Close to target, but somewhat lower than March

  1. Last underlying inflation scare before upward trend is rediscovered
  2. Growth peak might be behind us, but the level of activity will stoke inflation lastingly
  3. Risks to April inflation estimate includes - you guessed it - air fares!

Johan Löf, Senior Economist | jolo22@handelsbanken.se

FX Pilot — Communication problems at the Riksbank

As expected, the Swedish Riksbank last week decided to push back its forecast for a first hike of the policy rate. Finally, the rate-setting board also gave the impression of no longer worrying about a strengthening krona. In the press release following its latest monetary policy meeting, the Riksbank board changed the wording on the krona from "important that the krona does not appreciate too quickly" to "important that the krona exchange rate develops in a way compatible with inflation stabilising close to the target". Their stance also changed from being prepared to "implement further monetary policy easing" to being "prepared to adjust monetary policy". In combination with a very bullish SEK forecast, this makes us think that the Riksbank has had enough of SEK weakness and even wanted to prevent further depreciation. However, something appears to have gone very wrong.

Lars Henriksson, Strategist | lahe06@handelsbanken.se

Swedish Rate Wrap — Riksbank expects the SEK to strengthen at record pace

As expected, the Riksbank adjusted its repo rate path to indicate an initial repo rate hike in December rather than September. Its inflation forecast was revised both up and down. The more remarkable story was instead the Riksbank's view of the Swedish krona. Its forecast for the trade-weighted KIX index was an increase of more than 2% on current levels during the second quarter, and of more than 4% by the third quarter. Coupled with a modified formulation concerning the krona in its press release, the Riksbank now appears to be loosening the tight currency knot by removing the 'put' in the EURSEK, which we think played an important role in the weakening of the SEK. We get the impression that the Riksbank is not interested in the SEK becoming even weaker. Given our view of the inflation trend, we believe the decision by the Riksbank signals a rate hike before year-end.

Claes Måhlén, Chief Strategist | clma02@handelsbanken.se

Fast Comment Sweden — Riksbank monetary policy decision: Fully in line with our expectations

  1. No repo rate change, but first rise delayed
  2. Changes in the communication, both on the krona and on preparedness to adjust policy
  3. We expect the first rate rise in December

Johan Löf, Senior Economist | jolo22@handelsbanken.se