SEK gains after Swedish CPI report

Swedish CPI inflation report for May was released today at 7:00 am BST and turned out to be a hawkish surprise. Headline CPI inflation slowed much less than expected, while core CPI unexpectedly accelerated to 3.0% YoY. SEK moved sharply higher following the release with EURSEK dropping around 0.3%. However, big part of the move has been erased already.

Markets are pricing in more than a full rate cut from Riksbank by August. However, higher and persistent inflation may change Banks plans and they may communicate it on the June meeting.

Sweden, CPI inflation for May

Headline (annual): 3.7% YoY vs 3.5% YoY expected (3.9% YoY previously)
Headline (monthly): 0.2% MoM vs -0.1% MoM expected (0.3% MoM previously)
Core (annual): 3.0% YoY vs 2.7% YoY expected (2.9% YoY previously)
Core (monthly): 0.8% MoM vs 0.5% MoM expected (0.4% MoM previously)

Source: xStation5

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