10:49 AM · 20 September 2023

EURSEK continue declines after weak unemployment data from Sweden

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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