European corporate earnings and share prices have lagged their US counterparts throughout 2017, but Saxo Bank head of equity strategy Peter Garny thinks that next year could see Continental bulls find their footing.
Squawk / 15 February 2017 at 8:40 GMT
Head of FX Strategy / Saxo Bank
Sweden's Riksbank: Today's meeting appears to be about the Riksbank wanting to maintain the ability to head either way on policy, with an odd insistence that it still sees more potential for a rate cut than a rate hike. This has caught the market a bit off guard after the December meeting seemed to show the limits of Riksbank dovishness and observers saw a slow transition away from accommodation. Slow indeed: the statement suggests no rate rises until beginning of 2018 and predicts the rate will be close to 0% in early 2019 (from -0.50% currently). As well, the bank maintained its currency intervention mandate, with a reservation against that entered by Flodén.

The disappointment for those looking for a less dovish Riksbank could see SEK backing off within recent ranges, but given the improving economic backdrop in Europe and strong global markets, it is hard to see a change of trend in EURSEK. Watching 9.50 resistance.

Link to Riksbank's press release:


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