Appreciateing SEK post retail sales data


Swedish July retail sales data surprised market to the upside, with 5,9% y/y growth (HERE). SEK is gaining about 0,5% vs USD taking USDSEK towards 8,4300. Better than expected data could point a recovery in consumer sector and took the personal consumption contribution in GDP growth higher. The next GDP data are due on 11th September, the latest print was at 3,0% y/y.
The next Riksbank meeting is due on 3rd September, and it's unlikely that monetary authorities will decide to easy monetary policy further. The CPI and GDP data recently surprised market to the upside giving room for a wait-and-see stance in Sweden.