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Key week for the SEK
Mon, Oct 6 2008, 12:47 GMT
by Stefan Mellin
SEK gets another hit as market turmoil spreads to Europe
- • Interbank risk premia remain elevated as credit markets are still under severe stress and European stock markets fall heavily amid rising concerns about European problems and lack of policy action over the weekend.
- • Swedish stock market is not faring well (down >5%!), not even on a relative basis, so it's not surprising to see the SEK trading weaker.
- • Measures announced by Swedish authorities this morning are welcome and should be seen as a response to global contagion and a means to restore confidence. But is it enough?
- • We are sure that investors will be occupied primarily with financial turmoil. Fundamentals should not be ignored though and for the SEK the week offers a few very interesting macro events with which we consider in this note and follow up with some conclusions about monetary policy - in fact the correlation with relative yields has risen recently.
Published on Mon, Oct 6 2008, 12:52 GMT
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