EUR, CHF, SEK flows: Few surprises in European data but SEK may have upside against CHF

Nothing particularly notable in the European data this morning. Spanish inflation on the high side of consensus, but French inflation on the low side and German state numbers broadly in line with expectations. French and Swedish GDP unrevised q/q but Italian GDP revised up slightly and Swiss GDP revised down. None of this is particularly market significant, but the contrast between Swedish GDP strength and Swiss GDP weakness is notable, and perhaps suggests scope for a further decline in CHF/SEK, which has begun to slip lower from its highs having made an all time high in August.