Riksbank announced its latest monetary policy decision today at 8:30 am BST. Swedish central bank decided on a 25 basis point rate hike, in-line with market expectations. Riksbank said that interest rates will be increased at least one more time this year. Inflation forecast for 2023 was left unchanged at 5.9% while forecast for 2024 was increased from 2.3% previously to 2.4% now. GDP forecast for 2023 was lowered from -0.5% to -0.7%.
Swedish krona weakened following the decision with EURSEK jumping 0.6% in a knee-jerk move. EURSEK briefly traded at the highest level in history. However, those gains were quickly erased and the pair is now trading 0.3% below pre-announcement levels.
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Source: xStation5
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