The unemployment rate in Sweden has risen much above market expectations. Weak data put pressure on Riksbank interest rate decision this week (8:30 BST, Thursday). Due to huge rise in unemployment chances for holding rates on 3,75% level increased, analysts expected a 25 bp rise to 4%. We can see sell-off on EURSEK.
- Sweden, uneployment rate (SA): 8% vs 7,2% exp. and 7% previously
- Sweden unemployment rate: 7,7% vs 6,2% previously
The Relative Strenght Index (RSI) felt to 23 level signalling panic sell-off on EURSEK after weak macro reading. Source: xStation5
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