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Posted June 4th, 2015 by Charles Purdy

Positive news for Scandinavia

There is high confidence in Sweden as yesterday’s reports show that optimism in the country’s market has hit an annual high. Swedish Services Purchase Managers’ Index (PMI), released yesterday morning, came out at 58.2 – a staggering 4.2 higher than the previous month. This demonstrated high levels of market confidence within the service sector in Sweden, and caused an appreciation of 1.7% against sterling across the day!

Norway also had a very positive day, appreciating over 1.3% against sterling. Norway’s current account, the measure of their exports and imports, was released Nok 49.6 billion above expectation at Nok 72.6 billion. This figure demonstrates that Norway are exporting significantly more than they are importing, which highlights the strength of their economy. With the possibility of deflation this bodes very well for them, as it suggests their debt levels are very low.

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Posted May 28th, 2015 by Charles Purdy

Poor results from Russia and mixed day for Sweden

  • Growth data came out worryingly low in Russia at -4.3% yesterday, well below expectations. This further decrease in Russian growth demonstrates its weakening economy, which resulted in a sterling appreciation of 1.5% against the rouble. Russian growth has now been negative for four consecutive months and investors are anxious to see if the current trend can be brought to an end.
  • The Swedish krone had a poor start to the day yesterday, finding itself depreciating against all major competitors. However, Sweden released positive data in the form of business confidence, consumer confidence and balance of trade figures, which saw the currency strengthen at around mid-day.

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Posted April 27th, 2015 by Charles Purdy

Will Sweden cut their interest rates even more?

There are interest rate decisions from Sweden and New Zealand’s central banks this week. Sweden is expected to increase their negative interest rates to -0.35% and New Zealand to keep theirs on hold.

For Japan we have labour and inflation data released so it will be interesting how effective their programme of quantitative easing has been over the last month.

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Posted January 5th, 2015 by Charles Purdy

Swedish employment growing at a fast pace

The beginning of the year is looking rosy for the Swedish krone, after December saw unexpected manufacturing expansion. An index based on feedback from purchasing managers jumped to 55.4 for December, the largest increase since April from 52.7. Any reading above 50 indicates manufacturing expansion. Swedbank said the index “indicates solid industrial growth”.

The Indian rupee recovers slightly

The Indian rupee, started to recover from three week loses on Friday, as it gained almost half a percent against the dollar. The Indian currency sat at 63.2950 per dollar at the end of last week.

Posted October 29th, 2014 by Charles Purdy

Sweden cuts benchmark interest rate

Tuesday saw the Swedish central bankers make the decision to cut the benchmark interest rate to zero. This was the most recent evidence that moving to remove emergency stimulus too quickly can be a risky business. Sweden is not the first country to reverse tack; the European Central Bank heightened rates in 2008 and this was quickly evaporated on two occasions in 2011 to combat deflation. These Swedish actions have left the euro area facing its third recession in six years.

The Canadian dollar strengthened against its US counterpart on Tuesday, largely due to the release of the lower than expected U.S durable goods data.

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Posted September 1st, 2014 by Charles Purdy

Central Bank decisions from Canada, Japan and Sweden

  • Interest rate decisions from the Bank of Canada on Wednesday and the Swedish Riksbank on Thursday will be closely watched to see if they differ from forecast.
  • The Bank of Japan meets on Thursday with markets expecting no major changes as inflation continues to meet expectations.

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Posted January 22nd, 2014 by Charles Purdy

Australian inflation figures “boost” the Australian dollar

The Australian dollar has had a mixed week so far but saw sudden strengthening overnight as the quarterly inflation figures were higher than expected which has reduced the possibility of further interest rate cuts in the near term. This follows the strong manufacturing figures out of China on Monday. So although the Australian dollar is in a weakening trend overall the strengthen of the Australian economy should not be underestimated.

The Japanese yen lost ground throughout yesterday amid expectations that the US Federal Reserve is on the verge of cutting back monetary stimulus. As a result we saw US yields increasing, which historically have tended to drag down the safe-haven Japanese yen. All eyes will be on the central bank monetary policy meeting, which concludes today with a press conference.

The Swedish krona could be in for an interesting few days following a statement from the deputy governor of the central bank yesterday, in which he stated that something ‘pretty big’ would have to happen before they cut interest rates. Speculation had been building that a rate cut may be announced over coming months, driving down the value, and so we could see some krona strength off the back of this announcement.

Today, we look forward to the Bank of Japan press conference, as well as an interest rate decision and monetary policy meeting from the Bank of Canada.

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Posted July 31st, 2013 by Charles Purdy

Australian economy starts to suffer | 31/07/2013

Elsewhere, a big mover yesterday was the Australian dollar. A statement from the Governor of the Reserve Bank of Australia eluded towards a rate cut at the next policy-makers’ meeting, scheduled for the 6th of August. Following these comments the Australian currency fell against all of its 16 most-traded peers, and to the weakest level in three years against is US counterpart. The Indian rupee lost ground against all of its 31 most-traded peers, and hit 10-year lows against sterling. The big shift was in response to the central bank keeping interest rates unchanged and saying that steps taken to tighten cash supply this month will be rolled back. The Swedish krona also struggled yesterday after GDP data showed that the Scandinavian economy had contracted unexpectedly over the last quarter. Despite the news, markets remain confident that Sweden will recover in the coming months, with the economic situation in the euro zone, an important export destination, starting to show signs of life. Overnight we saw business confidence data out of New Zealand, and later on today we will have monthly GDP data out of Canada. Get in touch for live rates.

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