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Forex Flash: Sweden's Riksbank kept rates steady at 1.0%, as expected - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that Sweden's Riksbank kept rates steady at 1.0%, as expected.

The begin by noting that like the last meeting on February 13th, there was some dissent in favour of easing as today´s vote was 4-2 to stand pat. They add that two dissenters wanted a 25 bp and 50 bp cut. However, Governor Ingves expressed comfort with the exchange rate, noting recent strength was “nothing exceptional.” Additionally, they see that Ingves said that a rate cut was more likely than a rate hike, while the bank pushed out the timing of potential tightening until H2 2014. They write, “If the recovery disappoints in the coming months, the Riksbank may reconsider its steady stance but this seems unlikely for the time being. Yet the krona is the worst performer in the majors today on the dovish Riksbank message. For EUR/SEK, break of the 8.50-8.55 area would set up a test of the January high near 8.72.”

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