Trade of the day: Saxo STST goes long EURSEK

As we squawked earlier: Saxo Buy EURSEK @ 8.5776. Stop @ 8.4990 for now.

We, like the market, were surprised to see the extremely weak Swedish GDP out this morning: 

Source: Bloomberg LLP

AND.. this will lead to increased pressure on Riksbanken to cut interest rates, which is seen by drop in 2 Year yields in Sweden:

Source: Bloomberg LLP

The chart confirms that this is a major break - and we are "neutral" technically from overbought SEK.... we expect the higher end of the range to be tested: 8.7800-ish.

Safe travels,

Steen