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FX PilotThe Riksbank has managed to take the SEK back to crisis levels

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The EURSEK is now trading at the same level as it did at the end of the great financial crisis, and the same is basically true for the KIX index. The combination of the low reading for inflation in January and uncertainty in equity markets is guiding the SEK lower and lower. Still, if the next inflation number is in line with expectations, or higher, it is hard to see the Riksbank changing the current repo rate path at the upcoming April meeting, as long as the EURSEK remains elevated. This will be positive for the SEK and we therefore stick to our forecast of a lower EURSEK.

Disclaimer

Lars Henriksson

Strategist

Foreign Exchange

lahe06@handelsbanken.se

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