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Riksbank seen ‘on hold’ this month – Danske Bank

FXStreet (Edinburgh) - Kristoffer Lomholt, Analyst at Danske Bank, sees the Nordic central bank keeping its benchmark rates unchanged at its December meeting.

Key Quotes

“Following the ECB meeting on 3 December, we have changed our call for the Riksbank and now expect it to cut by 10bp to -0.45% in April (previously we called for a cut in December)”.

“We have previously argued that the 9.30-9.60 would be a fair range for EUR/SEK in the short term”.

“In light of better data and because we are delaying our estimate of a rate cut to April 2016, we believe a reasonable range for EUR/SEK over the next few months has shifted down to 9.10-9.50, with an emphasis on the lower part”.

“Just as before, we argue that the SEK is fundamentally undervalued and we expect this to be corrected gradually by a lower EUR/SEK over the course of 2016”.

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