BREAKING: SEK gains after 100 bp rate hike from Riksbank

Riksbank announced its monetary policy decision at 8:30 am BST today. Expectations were mixed - economists saw a 75 basis point rate hike while money markets priced in an over-80% chance of a 100 basis point rate move. As such there was a scope for a surprise and it turned out to be a hawkish surprise. Riksbank delivered a 100 basis point rate hike, putting the main policy rate at 1.75%. Swedish krona extended gains against the euro after the decision with EURSEK dropping to a daily low below 10.71. However, part of the move was already erased. Taking a look at EURSEK chart at D1 interval, we can see that the pair is pulling back following a failed attempt of breaking above a mid-term resistance zone ranging above 10.8070 handle.

Hawkish bets on Riksbank increased after a recent increase in hawkish bets on ECB. It is believed that Swedish central bankers want to stay 0.25-0.50% ahead of ECB policy rate. The Bank said in commentary to today's decision that it expects interest rate to increase further in the next 6 months.

Source: xStation5

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BREAKING: SEK gains after 100 bp rate hike from Riksbank

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