Caution about rapid SEK appreciation

Riksbank made it very clear last week that it is prepared to do anything - even monetary policy easing between official meetings. 

So if inflation surprises on the downside today with the krona continuing to rise we urge caution in EUR-SEK. Riksbank is unlikely to tolerate a notable and rapid appreciation of the krona due to concerns about downward risks for inflation increasing again", states Commerzbank in a research note to its client. 

It remains unclear so far what tool it would then chose - intervention or monetary policy easing. However, the central bank is expected to leave interventions for a real emergency and is more likely to extend its QE programme, added Commerzbank.