SEK flows: SEK slightly weaker after Riksbank

EUR/SEK is very slightly higher following the Riksbank decision to leave rates unchanged. There had been an outside chance of a rate cut, but the consensus was for unchanged rates. The FX market is, however, somewhat less focused on rates and rate spreads at the moment, and more concerned with risk and growth prospects. Unsurprisingly, the Riksbank indicate substantial uncertainty in this score, but see some weaker growth than they did in March. All in all, nothing very surprising in the comments, and the SEK reaction is likely to remain muted, but after the strong performance so far this year, there is some risk of a correction lower, especially if the USD shows a stronger tone.