FXstreet.com (Barcelona) - The SEK has been under pressure this week after the PMI drop from 45.1 to its lowest since May 2009 of 44.7 in Sweden, instead improving to 46.0.

“The company survey (by Riksbank) conducted in September reveals that Swedish companies see a weaker development of economic activity ahead, above all the manufacturing and construction sector”, wrote analyst Antje Praefcke, stating that (manufacturing) companies believe prices will lower soon on gloomier economic climate and fierce price competition. The retail sector's climate is healthier but companies observe a cautious consumption attitude.

Commerzbank analysts expect the week to remain tough for the SEK (despite still being better than the EUR) as the PMI services should decline from 50.8 to 50.3 in September, knowing that the Riksbank report states that companies are looking to cut in staff in the near future.

The analysts look to sell EUR-SEK above 8.60. “In the very short term, though, with a couple of important events on the agenda this week, like the ECB meeting tomorrow and the NFP report on Friday, we are cautious and only do small positions”, added Praefcke.