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SEK: Hot inflation supports SEK rally – ING

Sweden reported stronger-than-expected inflation figures for February this morning. CPIF accelerated more than consensus from 2.2% to 2.9%, with the core measure rising to 3.0% against a 2.7% consensu, ING's FX analyst Francesco Pesole notes.

EUR/SEK to trade only temporarily below 11.0

"The data reinforces the view that the Riksbank may stay on pause at the next meeting and helped EUR/SEK move deeper below 11.00 after breaking crucial resistance overnight. This move is in line with our expectations. We expect EUR/SEK to trade only temporarily below 11.0 as our model now shows almost 3% undervaluation – an indication that a lot of the positives are in the krona’s price."

"Our forecast for the remainder of the year still has EUR/SEK above 11.00 (mostly in the 11.0-11.30 range) as we expect US tariffs to temper with the strong European sentiment to which SEK has a higher beta than the euro itself, and there is also a possibility of some geopolitical risk being priced back in after a largely expected Ukraine-Russia peace deal."

Eurozone Retail Sales rise 1.5% YoY in January vs. 1.9% expected

Eurozone’s Retail Sales rose 1.5% in the year through January after a revised 2.2% growth in December, the official data released by Eurostat showed on Thursday.
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TRY: CBT continues cutting cycle while interest in FX continues unabated – ING

The central bank of Turkey will cut rates again by 250bp to 42.50% today, in line with market expectations.
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