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31 Jul 2014
EUR/SEK seen at 9.10 in 3 months - UBS
FXStreet (Córdoba) - The UBS analyst team is sticking to its positive view on SEK even after disappointing Swedish GDP figures. UBS forecasts the EUR/SEK at 9.10 in 3 months.
Key Quotes
“Swedish Q2 GDP disappointed with +0.2% q/q (cons +0.6%, prev. -0.1%). Weak investments and exports contributed to this downside surprise. However, Swedish output figures are volatile and there have been no revisions for several quarters”.
“Given solid business surveys and household spending, risks are for upside revisions in our view”.
“We thus stick to our long-term positive view on SEK. We also continue to see low potential for a much lower EUR/SEK over three months and keep our forecast at 9.10”.
Key Quotes
“Swedish Q2 GDP disappointed with +0.2% q/q (cons +0.6%, prev. -0.1%). Weak investments and exports contributed to this downside surprise. However, Swedish output figures are volatile and there have been no revisions for several quarters”.
“Given solid business surveys and household spending, risks are for upside revisions in our view”.
“We thus stick to our long-term positive view on SEK. We also continue to see low potential for a much lower EUR/SEK over three months and keep our forecast at 9.10”.