Swedish core inflation edges higher, ING keeps no-hike Riksbank view

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Sweden’s core CPIF excluding energy unexpectedly rose to 0.6% in July, giving the Swedish Krona a modest boost, while headline inflation slowed as expected. ING FX Strategist Francesco Pesole notes that even after adjusting for temporary tax effects, the inflation outlook is not strong enough to justify market pricing of a Riksbank hike by year-end. ING maintains its baseline view of no rate hikes before year-end and continues to target EUR/SEK at 10.80 by year-end.

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